According to the latest figures from the Cyprus Statistical Service (Cystat), the cost of building materials in Cyprus continued a modest upward trend through the end of the first quarter. The Construction Materials Price Index reached 119.91 units in March 2026, marking a 0.52% increase over the previous month.
On an annual basis, the index has grown by 0.93% since March 2025. While the overall increase remains under one percent, specific categories, particularly electrical components and plastics, have experienced more significant price shifts.
Sector Breakdown: Electromechanical Goods Lead Increases
The most notable price hikes were concentrated in the technical and finishing stages of construction. Electromechanical products jumped by 2.44%, largely fueled by a 4.91% surge in the cost of electrical equipment. Conversely, heating and cooling systems saw a slight decrease of 0.33%.
Key Category Performance (Annual Change):
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Electromechanical Goods: +2.44%
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Wood, Insulation, Chemicals, & Plastics: +1.44%
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Minerals: +1.40%
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Metal Products: +0.46%
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Mineral Products: +0.04%
Diverging Trends in Metals and Minerals
The raw materials market showed a mixed performance. While cement prices rose by 1.96%, other segments within the mineral category provided some relief for developers.
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Plastics and Wood: Plastic items saw a substantial spike of 4.46%, while wood products rose by a more modest 0.91%.
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Metals: The sector was split, as aluminum and specialized metal products climbed by 2.75%, even as iron and steel products recorded a welcomed 0.68% decrease.
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Ceramics: This was the standout performer for cost-saving, recording a notable 2.53% decline compared to last year.
Quarterly Summary
For the cumulative period of January to March 2026, the index has maintained an average growth of 0.87% compared to the same quarter in 2025.
Industry analysts suggest that while the current inflation of materials is manageable, the consistent rise in electromechanical and plastic costs may require contractors to adjust their budgets for high-tech or energy-efficient developments. This data serves as a critical benchmark for the 2021 base year (set at 100 units), indicating that building costs have risen nearly 20% over the last five years.
Source: Stockwatch.com.cy