The soaring price of building materials has sent the cost of construction to skyrocket to new highs and Cyprus’ relevant sector is ringing alarm bells, according to Philenews.
Construction costs increased by 10.51% in 2021 compared to 2020, and the outcome is that property prices are maintained at high levels.
For the period of January-December 2021, the price index recorded an increase of 10.98% compared to the corresponding period of 2020.
The 2021 data provided on Wednesday by the Statistical Service also show that the price index of construction materials for the month of December 2021 rose to 119.66 points.
This marks an increase of 0.63% compared to the previous month. Compared to the corresponding month of the previous year, the index recorded an increase of 17.10%.
The comparison of the data of 2021 with both 2020 and 2019 show that the prices of building materials are maintained at high levels.
A shocking example is the price of building iron which increased by 44% in 2021 compared to 2020 and by 30.70% compared to 2019.
And the average price of building mesh increased by 27.05% in 2021 compared to 2020 and by 21.44% compared to 2019.