Press Releases

Annual Change +0,04%

The Price Index of Construction Materials for December 2024 reached 116,94 units (base year 2021=100), recording a decrease of 0,28% compared to the previous month.

Compared to the same month of the previous year, the index recorded a marginal increase of 0,04%. By main commodity category, increases were recorded in products of wood, insulation materials, chemicals and plastics (1,39%), electromechanical products (0,97%), mineral products (0,77%) and minerals (0,74%), whereas decreases were observed in metallic products (-2,33%).

For the period January-December 2024, the index recorded a decrease of 0,81% compared to the corresponding period of 2023.

The decrease of the index in 2024 over the previous year is mainly due to the drop in the prices of the following materials: structural grid (-7,88%), roofs and metallic parts for the assembly of gypsumboards and cementboards (-7,61%), building iron (-7,13%) and structural steel (-6,61%). On the other hand, many materials recorded an increase in their prices compared to 2023. The most significant are: concrete and mortar additives (7,13%), wires and cables (6,50%), asphalt concrete (4,79%) and outlets, switches, fuses and insulators (3,57%).

Methodological Information

Definitions

The Price Index of Construction Materials shows the evolution of the cost of construction materials incurred by the contractor.

Collection of data

Prices of materials used in construction are collected on a monthly basis based on a sample of products and suppliers. The reference date for the prices collected is the 15th each month. Prices are valued excluding VAT. The data collection is carried out by telephone or e-mail.

Compilation method

The price indices are based on the year 2021, meaning that they show the evolution of the price of a certain material in relation to its average price in 2021. In the base year, the average of the price indices for the twelve months is 100. For example, a price index of 101,56 for a material in a certain month implies that the price has gone up by 1,56% in relation to its average price of 2021.

The aggregated price index of materials is a weighted average of the price indices of the various materials in the sample. The weights used reflect the share of each material to the total expenditure for construction materials incurred by the contractors and are derived from the value of imports and local production for that material in the base year (2021).

The index disseminated on the web site of the Statistical Service covers all types of construction works. It forms a component of the Construction Costs Index, which is transmitted to and published by the Statistical Office of the European Union (Eurostat) in accordance to the provisions of Regulation (EU) 2019/2152 on European business statistics. The Construction Costs Index is limited to new residential buildings, excluding residencies for communities.

For more information visit  CYSTAT Portal, subtheme Construction, CYSTAT-DB (Online Database), Predefined Tables (Excel), Methodological Information or contact Ms Evi Kalogirou Demetriou at 22 602168 or via e-mail to ekalogirou@cystat.mof.gov.cy.

Data for base year 2021=100 are available only in the CYSTAT-DB Online Database.

(MS/IA)