Cyprus construction costs fall 2.23% in 2024

Price Index of Construction Materials in Cyprus recorded an annual decline of 2.23% in the first two months of 2024, reflecting the de-escalation path concerning the prices in the sector of constructions.

According to data released by the Statistical Service of Cyprus (Cystat), the Price Index of Construction Materials for February 2024 reached 116.95 units (base year 2021=100), recording a decrease of 0.06% compared to the previous month.

Compared to the same month of the previous year, the index recorded a decrease of 2.21%, marking an annual reduction for the seventh consecutive month.

By main commodity, the largest decline was registered in metallic products with 8% whereas wood, insulation materials, chemicals and plastics declined by 0.73%

Increases were observed in minerals with 1.22%, while mineral products and electromechanical products rose by a marginal 0.54% and 0.35%, Cystat said.