“In October, the annual variation in the New House Construction Cost Index (ICCHN) was 4.2%, a rate of 0.9 p.p. higher than that observed in September. Material prices changed by -0.1% (-0.7% in the previous month) and labour costs increased by 9.7%, an increase of 1.3 p.p. than in September”, says INE.

According to the institute, the cost of labour contributed €4.2 p.p. (3.7 p.p. in the previous month) for the formation of the ICCHN year-on-year rate of change. Materials contributed 0.0 p.p. (-0.4 p.p. in September).

“Among the materials that most negatively influenced the aggregate price variation are grout, with a drop of around 20%, wood and wood derivatives and other covering, insulation and waterproofing materials, with drops of around 10%. In the opposite direction, cement stood out, with year-on-year growth close to 10%, and limestone and granite tiles and stonework and carpentry works with increases close to 5%”, reads the note from the national statistics office.