01.12.2022
The rise in the price of building materials has led to the fact that the number of owners planning to invest in the renovation of their home has decreased significantly.
In October, according to the Statistical Service of Cyprus, the price index for building materials increased by 14.26% year on year. For the first 10 months of the year (January-October), the recorded growth of the index amounted to 18.30% compared to the previous year. This will affect repairs as the cost of basic materials has increased significantly.
The price of floor tiles needed for any renovation is up 25.97% compared to October last year, while the cost of plumbing fixtures such as toilets and sinks is up 17.3%. Building bricks went up in price by 6.48%.
Prices for cabinets and countertops rose by 12.01%, while doors and windows rose by 12.53%. Prices for stainless steel crockery and kitchen utensils have risen by an average of 18.08% over the past year.
Materials for insulation, thermal insulation and moisture-proof materials increased in price by 14.85% and 4.14%, respectively. Acrylic bathroom products rose 29.77%.
If the renovation includes aluminum doors and windows, homeowners should be aware that prices are up 18.14% in October compared to last year.
As for electrical equipment, prices for cable jumped by 18.24%, for sockets, switches, fuses and insulators – by 17.66%, for lamps – by 2.96%.
Marble rose in price by 9.993%, granite – by 12.14% and decorative stones – by 12.77%.
If home renovations include a fireplace, average prices have risen 10.06% for the year.
The banks of Cyprus have recently advertised loans for the renovation of properties and holiday homes with maturities ranging from 5 to 20 years.
To qualify for a renovation loan, borrowers must submit architectural plans and mortgage their property.
