The Cyprus Statistical Service has published data on the changes in the prices of construction materials in Cyprus for October 2024. According to the service's report, their prices continue to decline gradually.
In particular, the price index of construction materials reached 117.18 points (based on 2015 = 100), a decrease of 0.08% compared to the previous month and 0.13% compared to the previous year.
As a reminder, the construction materials price index reflects the change in prices for the construction of objects of various types of economic activity.
At the same time, the cost of metal products decreased the most in September 20-24. The price of goods in this category fell by 2.12%. Minerals also became cheaper (-0.02%). On the other hand, the prices of electro-mechanical products (+3.63%), wood products, insulating materials, chemicals and plastics (+1.17%) and mineral products (+0.45%) rose.
In turn, from January to October, the index recorded a decrease of 1.01% compared to the corresponding period of 2023.
It should be noted that despite the decline in the prices of construction materials, Cypriot developers are not in a hurry to make optimistic forecasts. According to them, the fluctuations observed in recent months will not have a significant impact on construction costs.
Today prices have gone down and tomorrow they will go up by the same amount. What is more, after last year's price increases, some individual items have become cheaper. However, there are also categories in which the opposite trend can be observed, according to local experts.