For the second consecutive month, the price of construction materials surged in August 2021 compared to August 2020, recording an annual increase of 14.37% according to data published by the Cyprus Statistical Service.
Crucial inputs such as steel, cement, sand, stone aggregates and wood-oriented materials have seen a price increase in the last one year, pushing up the overall building costs.
Compared to August 2020, increases were noted in:
- Metallic products (31.27%) including iron and steel (47.42%)
- Wood, insulation materials, chemicals and plastics (12.93%)
- Electromechanical products (11.02%)
- Minerals (2.55%) including Cements (5.36)
- Mineral products (1.26%)
In addition to building materials, transport costs have also risen with the price of crude oil rising approximately 80% since October 2020. Oil is essential to the industry since the manufacturing of the building materials, their transportation and the construction site machinery operation all depend on oil.
Construction costs – further reading
Press release: Price Index of Construction Materials: August 2021