The prices of building materials in Cyprus dropped by 0.81 per cent in 2024 compared to 2023, according to a report released this week by the state’s statistical service.

The service reported that this decrease was primarily driven by price declines across several material categories.

Structural mesh saw a reduction of 7.88 per cent, followed by roofing and metal components for plasterboard installation (-7.61 per cent), construction iron (-7.13 per cent), and construction steel (-6.61 per cent).

However, not all categories experienced a decline. Certain materials recorded price increases, including concrete and plaster additives (7.13 per cent), cables (6.50 per cent), asphalt concrete (4.79 per cent), and sockets, switches, fuses, and insulators (3.57 per cent).

For December 2024, the index reached 116.94 points (based on 2021=100), marking a 0.28 per cent decrease compared to the previous month.

What is more, on year-on-year basis, the index for December showed a marginal increase of 0.04 per cent.

Among major product categories, there were price increases for wood, insulation, chemicals, and plastics (1.39 per cent); electromechanical items (0.97 per cent); mineral-based products (0.77 per cent); and minerals (0.74 per cent).

Conversely, the metallic products category recorded a 2.33 per cent decrease.