New increase in construction costs

Construction costs rose again in November, higher than the previous month.

In particular, the General Price Index of Construction Materials for New Residential Buildings in November showed an increase of 7.1% on an annual basis, compared to a decrease of 0.3% when comparing the respective indicators of the year 2020 with 2019.

The General Index in November 2021, compared to the index of October 2021, showed an increase of 0.9%, compared to an increase of 0.2% recorded during the comparison of the respective months of the year 2020.

In November, price increases were recorded in: Diesel-diesel (34.2%), Reinforcing iron (20.3%), Electricity (37.7%), Copper pipes (16.6%), Copper pipes (17, 8%), Radiators (8.6%), Bricks (8.8%), Plastic pipes (8.8%), Plastic pipes, synthetic, fiber cement (6.3%), Garage door mechanisms (5%), Safety glass (4.3%), Aluminum frames (4.3%), Interior doors (3.8%), Plastic, acrylic, water (2.9%), Cement (2.8%) and ready-mixed concrete ( 3%).

It should be noted that a few days ago it was published in the Official Gazette the determination of rates for revision of public works prices by decision of Minister K. Karamanlis, satisfying one of the basic requests of the construction industry as the energy crisis has skyrocketed the cost of raw materials resulting in many projects are in danger of stopping or not even starting.

The published Ministerial Decision entitled “Determination of rates for revision of public works prices, states that due to the serious economic consequences of the pandemic (Covid 19) in general, but also in particular in the field of project execution, it is considered appropriate to correct the State large discrepancies in the prices of construction materials.