New housing construction costs rose by 13.4%

  • 18 September, 22

In July, new housing construction costs rose 13.4 percent year-on-year, the INE revealed.

According to Idealista, the cost of building a new house in Portugal continues to rise. The problem is not new, but has worsened with the war in Ukraine and soaring inflation.

In July, the cost of building new housing increased by 13.4 percent, up 0.9 percentage points from the previous month, according to estimates released by the National Statistics Institute (INE) on 9 September. The prices of materials and labour costs recorded yearly increases of 17.5 percent and 7.7 percent, respectively.

“In July, the estimated year-on-year change in the Construction Costs Index for New Housing (HNCI) was 13.4 percent, a rate 0.9 p.p. higher than in June. Material prices rose 17.5 percent, accelerating 0.9 percent from the previous month and the cost of labour increased 7.7 percent (6.8 percent in June),” the INE bulletin states.

Cre: Portugalnews

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