According to new data released by the Cyprus Statistical Service on Wednesday 18th September, the prices of construction materials in Cyprus continue to fall.
Thus, in August 2024, the construction materials price index reached 117.68 points (based on 2015 = 100), a decrease of 0.08% 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 August 2024. The price of this category fell by 3.0%. On the other hand, there were price increases for electro-mechanical products (+3.72%), non-metallic mineral products (+0.96%), wooden products, insulating materials, chemicals and plastics (+1.17%) and mineral products (+0.66%).
In turn, from January to August, the index recorded a decrease of 1.28% 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 0.08% 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 also categories in which the opposite trend can be observed, according to local experts.
As a reminder, a fall or rise in the price of building materials in Cyprus has a direct impact on property prices.
Usually, the additional costs resulting from the increase in the cost of building materials are borne by the buyers. As a result, purchasers 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 and not to pass it on to the buyers.
