Construction material costs fall in Cyprus

The Construction Materials Index decreased by 2.23 percent in the first two months of 2024 compared to the same time the previous year, showing a stabilisation in material costs, which provided a little relief for the Cyprus construction industry.

The Index reached 116.95 units in February, with 2021 as the base year at 100 units, according to data released by the Cyprus Statistical Service (Cystat) on Wednesday. This represents a 0.06 percent decrease from the previous month.

Compared to February of the previous year, the index showed a decline of 2.21 percent, being the seventh consecutive month of annual decrease.

According to the study, the price of metal items fell by 8%, while the price of wood products, plastics, chemicals, and insulation materials all decreased by 0.73 percent.

However, there were marginal increases in minerals by 1.22 percent, mineral products by 0.54 percent, and electromechanical goods by 0.35 percent.

The monthly Construction Materials Price Index shows how contractors' material costs vary, providing information on the situation of the industry's economy.