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Construction Cost up 3.9%

By Nigel Howarth
Housing crisis exacerbated by permits approval

According to the Cyprus Statistical Service (CYSTAT) data released on Friday, the Building Material Price Index in November 2006 recorded an increase of 3.9% to 133.68 points against 128.65 points in the corresponding month of 2005.

The higher increase was observed in the price of electro-mechanical products (+5.1%) and the industrial products (+4.8%). Also, the price of timber, stones and quarries and the chemical products showed an increase of 3.2% and 1.8% respectively.

On the other hand, the price of oil products fell by 3%.

In January-November 2006, the Building Material Price Index surged 5.04% compared to the corresponding period of 2005.

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