Construction costs for new build up 3.9% in June

The cost of building new homes went up again in June, this time by 3.9% in like-for-like terms – a rate above the 0.3% registered in May while labour costs rose 7.3% and materials by 1%.

According to data published by the National Statistics Institute (INE), in June the Index for New Housing Construction Costs (ICCHN) stood at +3.9% with labour costs taking the lion’s share, contributing +3.4% towards that like-for-like variation.

Construction materials rose at a more modest rate of 0.5%, most of that from glass and mirrors (+30%, and air conditioning units (+10%).

On the other hand the aggregated cost of some materials fell by 10% including asphalts, wood derivatives, steel tubes, cast iron, and plumbing materials.