The Cyprus Statistical Service has published data on the changes in the prices of construction materials in Cyprus for September 2024. According to the report of the service, their prices continue to decrease gradually.
In particular, the price index of construction materials reached 117.27 points (on the basis of 2015 = 100), a decrease of 0.35% compared to the previous month and 0.02% 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 2024. Goods of this category decreased in price by 2.85%. On the other hand, there was an increase in prices of electromechanical products (+3.62%), minerals (+0.59%), wood products, insulating materials, chemicals and plastics (+1.06%), mineral products (+0.33%).
In turn, from January to September, the index recorded a decrease of 1.14% compared to the corresponding period of 2023.
Recall that a fall or rise in the price of building materials in Cyprus directly affects the value of real estate.
Usually, the additional costs resulting from the increase in the cost of building materials are borne by the buyers. As a result, buyers end up paying 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 allow it to be passed on to the buyers.