The Cyprus Statistical Service has published data on the change in the prices of building materials for November 2024.
According to the service's report, their prices have finally stabilised.
In particular, the price index for building materials reached 117.26 points (based on 2015 = 100), which is only 0.07% higher than the previous month and 0.44% higher than a year ago.
As a reminder, the construction output price index reflects the change in prices in construction projects of various economic activities.
The cost of basic metals fell the most in November 2024. On the other hand, there were price increases for electro-mechanical products (+3.29%), wood products, insulation materials, chemicals and plastics (+1.22%), minerals (+0.58%) and mineral products (+0.47%).
In turn, from January to November, the index recorded a decrease of 0.88% compared to the same period of the previous year.
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 do not affect the cost of construction.
Today prices have gone down and tomorrow they will go up by the same amount. What is more, after last year's price increase, some additional items have become cheaper. But there are also categories where the opposite is true,' some experts say.