Costs of building materials in Cyprus have increased in October

According to the most recent report from the national statistical service, Cyprus' Construction Material Price Index had a little increase in October 2024.

Following eight straight months of drops in the cost of building materials, there has been a little increase.

The index, which evaluates contractor costs, reached 117.18 points in October. The base year, 2021, was set at 100 points. This represents a 0.08% monthly decrease from September 2024.

Year-on-year, the index recorded a modest increase of 0.13% compared to October 2023.

When the data is examined more closely by product category, some areas show price increases. The largest increase was 3.63% for electromechanical items, followed by 1.17% increases for wood products, insulation materials, chemicals, and plastics. Additionally, mineral goods had a less significant 0.45% increase.

In contrast, declines were observed in metal products, which dropped by 2.12%, and minerals, which had a marginal decrease of 0.02%.

The index decreased by 1.01% from January to October 2024 as compared to the same period in 2023, which was consistent with the year-over-year trend of decreasing materials for construction pricing.