СAccording to new data released by the Cyprus Statistical Service on Thursday 18 July, the prices of construction materials in Cyprus continue to fall.
Thus, in June 2024, the price index of construction materials reached 117.47 points (based on 2015 = 100), down by 0.7 per cent compared to the same month in 2023.
As a reminder, the construction materials price index reflects the change in prices for the construction of objects of different types of economic activity.
At the same time, the cost of metal products decreased the most in June 2024. The price of this category fell by 5.29%. On the other hand, there was an increase in the prices of electromechanical products (+3.86%), minerals (+1.21%), wood products, insulating materials, chemicals and plastics (+0.44%), mineral products (+0.74%).
In turn, for the first half of the year, the index recorded a decrease of 1.81% 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 fallen by 0.7% and tomorrow they will rise by the same amount. What is more, after last year's price increase, some individual items have become cheaper. However, there are categories in which the opposite trend is observed - local experts note.
Remember that the fall or rise in the price of building materials in Cyprus has a direct impact on the cost of property.
Usually, the additional costs resulting from the increase in the cost of building materials are passed on to the buyers. As a result, purchasers have to pay more than the amount originally agreed with the developer. However, there are cases where the signed contracts oblige the developer to bear the additional cost of materials himself and not to pass it on to the buyers.