On Wednesday, June 18, the Cyprus Statistical Service published data on changes in the cost of construction materials in May 2024.
According to the agency's report, prices are rising moderately. This indicates continued pressure on the construction sector.
In May 2025, the Construction Materials Price Index reached 118.92 points (based on 2015 = 100). This figure is 0.09% lower than the previous month but 1.34% higher than last year. Despite the monthly slowdown, the annual trend remains positive, reflecting the gradual increase in construction material prices amid global inflationary trends and sustained demand in the construction industry.
From January to May 2025, the index increased by 1.23% compared to the same period in 2024. The minerals category saw the largest increase, with prices rising by 3.05% from January to May. Significant growth was also recorded in the mineral products segment (+2.98%) and electromechanical goods (+1.11%).
These materials are essential for infrastructure and residential construction, making their price growth particularly significant for developers and contractors. Moderate price increases affected wood, heat, and sound insulation materials, as well as chemical and plastic products, with an average increase of 0.74%.
Conversely, prices for metal products declined by 0.85% during this period.
Iron and steel products fell particularly sharply, by 2.22%, possibly due to excess stock or lower demand in certain sectors. Meanwhile, aluminum and other metals showed the opposite trend, rising 2.02%.
An analysis of individual items showed that the largest annual increases were in the cost of aggregates (crushed stone and sand), natural stones, cement products, and various electromechanical components, at 8.09%, 6.08%, 3.59%, and 2.60%, respectively. These changes indicate steady demand for raw materials for large-scale projects, including road construction and urban infrastructure reconstruction.
However, prices fell in a number of categories. Cement prices fell by 0.29%, while chemical products prices fell by 0.61%. Heating and cooling equipment prices showed the most significant decline, falling by 5.62%. This decline may be due to seasonal demand or changes in logistics supply chains.
Overall, the construction materials market in Cyprus remains balanced despite some fluctuations. The moderate growth of the index suggests that developers are not yet facing critical price increases. However, the continuing volatility requires constant monitoring by industry participants.
