Building Materials Prices To Continue To Rise In Cyprus

Цены на строительные материалы на Кипре продолжают расти
17 June 2021 Liza Medvetskaya

The 2021 season for developers in Cyprus was overshadowed by an unprecedented jump in prices for building materials.

Due to the coronavirus pandemic and, as a result, logistics problems, many materials have increased significantly in value.

According to the head of the Federation of Associations of Building Contractors Cyprus (OSEOK) Stelios Gabriel, since the beginning of the new year, the cost of the main imported materials has risen sharply by 70%. Most of these changes affected the prices for structural steel. If in November 2020 steel was sold on the Cypriot market at €450 per ton, today it is sold at €780 per ton.

We are talking about both structural steel, which is usually used for the construction of buildings, and about steel used for metal structures and their derivatives, thay significantly increase the cost of housing, - emphasized the head of OSEOK.

The increase in prices for metal products (during the time of rising world prices) led to an increase in prices for other construction materials, in particular, plywood and thermal insulation materials. Growth was also recorded for brick, wood, aluminum, drywall, polystyrene, stone wool and their derivatives.

Moreover, over the past two months, the cost of logistics from third countries has increased significantly. If earlier transportation of a container cost €800, today it is €6 thousand on average.

It should be noted that if a comprehensive solution to this problem is not found, then the additional costs will most likely be passed on to ordinary citizens. People will have no choice but to accept and settle for less and worse in quality, since the factor of the increased price was difficult to foresee.

Цены на строительные материалы на Кипре продолжат расти

Stelios Gabriel noted that the current situation has an impact primarily on:

  • The liquidity of the contractor and, accordingly, of the project. Subcontractors carrying out projects cannot bear the additional costs, so they force contractors to pay them the difference in the cost of purchasing materials, which further increases the costs of the contractor. The contractor, in order to hand over the project and receive money, is forced to pay to the subcontractor, who carries out projects to their detriment.
  • Delays in orders and receipt of materials. The head of OSEOK stressed that as a result, the contractor carries out projects with unbearable financial costs, which jeopardize the completion of these projects. At the same time, it should be taken into account that in new projects the cost is shifted to the customer, as a result of which, in the medium term, this will lead to a decrease in construction due to an increase in prices by 15-20%.
  • There may also be stagnation in the implementation of new private developments. By the way, the rise in prices in the construction industry in many cases jeopardizes the completion of projects.
OSEOK is now studying ways out of the crisis and the possibilities for a more equitable distribution of damage, as well as alternative solutions to avoid direct and indirect impacts due to the fact that the coronavirus pandemic has led to a global increase in the price of materials, added Gabriel.
Photos: DOM LiVE,
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