Standard Market Price for Construction Projects in Second Half to Be Announced on May 8...Reflects War-Driven Price Changes

The Ministry of Land, Infrastructure and Transport announced on April 29, 2026, that it will release the standard market price for construction projects for the second half of 2026 on May 8 of the following month.

The standard market price serves as a reference when calculating the estimated price of construction projects. After conducting an on-site survey, the ministry typically announces the price at the end of the year. At the end of April, it additionally releases a price adjusted for inflation, based on the construction wage survey and the construction cost index, and applies this adjustment to the amount announced at the end of the previous year.

This year, in order to fully reflect the impact of price fluctuations caused by the Middle East war in the standard market price for the second half, the ministry plans to utilize the construction cost index data up to March, which will be published at the end of April. Taking into account the time required for the adjustment process, the announcement will be made on May 8, later than the usual release date of April 30. The new standard market price will take effect immediately upon announcement.

This content was produced with the assistance of AI translation services.