Cyprus Building Material Price Index Sets New Historical Record

Индекс цен на стройматериалы на Кипре установил новый исторический рекорд
19 June 2021 DOM LiVE
1920

According to the Cyprus Statistical Office, prices for building materials in the country set a new record in May 2021.

They grew by 7.71% within a year.

The price index for building materials in May 2021 reached 108.62 points (100.00 in 2015), an increase of 2.18% compared to the previous month and 7.71% compared to April 2020.

By the way, this year the price index for building materials in Cyprus has grown for the sixth time in a row. 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.

Индекс цен на стройматериалы на Кипре установил новый исторический рекорд

It should be noted that the largest increase in prices for building materials was recorded in the following categories:

  • metal products - by 17.22%,
  • wood products, insulation materials, chemicals and plastics - by 6.08%,
  • minerals - by 1.43%,
  • electromechanical products - by 3.51%,
  • mineral products - by 2.35%.

The rise in the cost of building materials used in residential construction is primarily due to the dynamics of prices in the world market, in which the Cyprus construction sector is deeply integrated.

Unfortunately, the rise in prices for building materials has eaten away a significant part of the profit that local developers were counting on. And it seems that this is not the limit. There is no doubt that further increases in the cost of building materials will have a negative impact on the real estate sector. Already, a number of developers were forced to raise prices for new buildings by 10-15% due to a sharp rise in prices for building materials.

Source: stockwatch.com.cy
Photos: pixabay.com
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