The cost of building materials in Cyprus continues to skyrocket, making it difficult for the real estate and construction sectors to recover from the abolition of the golden passport scheme, hit by the effects of the coronavirus pandemic and now the war in Ukraine.
Growth is being recorded across the board as prices for critical commodities such as steel, cement, sand, stone aggregates and wood-based materials rose significantly in February 2022 by 17.39% compared to February 2021.
Compared to the same month of the previous year, Cystat reported a price increase of 27.15% for metal products, 19.88% for wood products, insulation materials, chemicals and plastics, 15.82% for electromechanical products, and 15.82% for mineral products. by 7.20% and minerals by 5.88%.
According to Cystat, the building material with the biggest increase was construction steel and iron, which rose 31.3%.
Prices for ceramics also rose, with roof tiles up 12.43% year on year.
Bricks recorded a 32.45% increase in February compared to the same month last year, while porcelain sanitary ware saw a 6.98% increase.
Tile was the only building material to record a decline as prices fell 1.06%.
Builders and construction companies also faced rising prices for wood and sawn timber, with prices up 23.8%.
Prices for electrical appliances increased by 24.63% overall, with the largest increase of 19.96% recorded in the category of electric and solar water heaters.
Pumps and water filters went up by 13.96.