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28th November 2022
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HomeProperty StatisticsConstruction material prices up 16.69 per cent

Construction material prices up 16.69 per cent

The price index of construction materials rose 16.69 per cent in August on an annual basis compared with July when they rose 17.52 per cent according to the Cyprus Statistical Service.

Compared to August 2021, the Cyprus Statistical Service reports price rises in metallic products of 19.66%, minerals 15.81%, products of wood, insulation materials, chemicals and plastics 15.69%, mineral products 15.62% and electromechanical products 11.91%.

Compared to the annual average construction material price index in 2019, iron and steel prices have risen by an average of 71.04%, with the price of structural steel rising by 88.81%, iron rails by 84.75% and building iron by 77.15%.

Over the same period copper piping has risen 60.81%, PVC doors and windows by 72.66% and bricks by 61.90%.

The only construction materials to have fallen in price since 2019 are lamps -5.02% and air conditioners -2.87%.

construction materials price index

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1 COMMENT

  1. With the current cost of land in Cyprus, the increased cost of building materials, the war in Ukraine, the residual impact of Covid, fears around global warming and a looming recession, I fear that the Cyprus real estate market will enter a protracted period of stagnation that may take several years if not decades to resolve.

    I also fear that young Cypriots will face a choice of either spending a lifetime in rented accommodation or moving abroad to realise their potential and live a more financially rewarded existence.

    As a Greek Cypriot with family all over the island, I very much hope that I am wrong in all of the above predictions and the residents realise all of their housing aspirations in their native country.

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