According to the latest data of the Statistical Service of Cyprus, published on Thursday, November 18, prices for construction materials in the country increased by 16.99% in October 2021 compared to the last year.
The construction materials price index reached 117.95 points in October 2021 (compared to 2015 = 100.00), an increase of 1.87% compared to the previous month.
As you may know, the price index of construction products reflects the change in prices in the construction of objects of various types of economic activity.
The largest increase in the prices of building materials was recorded in the following categories:
- metal products - by 32.35%,
- wood products, insulation materials, chemicals and plastics - by 17.51%,
- mineral resources - by 5.61%,
- electromechanical products - by 11.68%,
- mineral products - by 4.31%.
The growth in demand for real estate, combined with an avalanche-like increase in prices for building materials, greatly destabilized the construction industry of Cyprus.
Local developers refuse to make forecasts, except for one thing - prices for new buildings, which have already soared in different segments by 15-20%, will continue to grow.