The construction cost index for new homes increased by 7.5% year-on-year in August, driven by a 7.1% rise in material costs and an 8.0% increase in labor costs. Significant price increases were recorded for diesel, copper wiring, and PVC piping, with no materials showing a price decrease.
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The cost of new housing construction rose by 7.4% in September compared to the same month last year, according to preliminary data from the National Statistics Institute (INE). Labour costs increased by 7.7% and material costs by 7.2%, with diesel prices cited as a primary driver of the rise in material costs.
The municipal council has awarded the contract for the construction of 64 affordable housing units in the village of Darque. Originally launched in 2023, the project was delayed due to challenges in land acquisition.
Residential construction costs rose by 7.5% year-on-year in August, driven by a 7.1% increase in material prices and an 8% rise in labour costs. Key materials like diesel, copper wire, and PVC pipes saw sharp price hikes of 15% to 30%, with no materials showing a price decrease.