Cyprus construction material prices fall

Cyprus’ Construction Materials Index experienced a decrease of 2.23 per cent during the first two months of 2024, when compared to the same bimonthly period from the previous year, reflecting a moderation in material prices within the construction sector.

According to a report released on Wednesday by the Cyprus Statistical Service (Cystat), in February, the Index stood at 116.95 units, with 2021 being set as the base year, with a value of 100 units. This marks a decrease of 0.06 per cent compared to the previous month.

In comparison with the same month of the previous year, the index recorded a decrease of 2.21 per cent. This marks the seventh consecutive month of annual decline.

According to Cystat, significant reductions were recorded in the category of metal products, reaching 8 per cent, while products made of wood, insulation materials, chemicals, and plastics recorded a decrease of 0.73 per cent.

Conversely, minor increases were noted in minerals by 1.22 per cent, mineral products by 0.54 per cent, and electromechanical goods by 0.35 per cent.

The monthly Construction Materials Price Index illustrates the evolution of the cost of materials borne by contractors.