ELSTAT: Construction Material Prices Remain High in Greece

Construction material prices in Greece remain high, reflecting an ongoing trend of cost increases that continues to impact the building industry.

According to recent data from the Hellenic Statistical Authority (ELSTAT), the General Index of Construction Material Prices for New Residential Buildings rose by 5.5% in September 2024 compared to the same month in 2023.

In a month-over-month comparison, the General Index for September 2024 showed a slight increase of 0.3% from August, following a 0.4% rise during the same period in 2023.

Additionally, the average index for the 12 months from October 2023 to September 2024 increased by 5.7%, a slower pace than the 9.1% rise recorded in the previous twelve-month period.

Key Price Changes in Materials

Notable price hikes were recorded across several categories of construction materials. Bricks saw a substantial increase of 12.1%, followed by electricity costs for construction rising by 11.3%, and copper piping prices up by 9.1%. These significant hikes are impacting the broader construction industry as demand continues to grow.

Increase in Building Permits

Private construction activity in Greece is also on the rise, evidenced by a notable increase in building permits issued during the first seven months of the year.

ELSTAT reported that overall construction activity, covering both private and public sectors, saw a total of 2,792 building permits issued in July 2024. This represents a 15.2% increase in the number of permits, a 6.5% rise in building surface area, and a slight decrease of 6.3% in building volume compared to July 2023.