New build housing construction costs up 3.4%

The cost of building new homes in Portugal increased 3.4% in May in like-for-like terms on the same month in 2023, +0.1% more than in April according to the National Statistics Institute. (INE)

Despite a slight like-for-like decrease (-0.3%) in the price of materials, the cost of labour increased 8.5%.

Among the materials that most negatively influenced the aggregated price variation were coverings, insulation and waterproofers, mild and galvanised steel (falls of around 15%), as well as glass and mirrors, and steel for concrete down by around 10%.

However costs went by around 10% for floor tiles, limestone and granite masonry, bitumens, and energy consuming products.

The quarter-on-quarter variation for new housing construction costs rose by 0.2% in May, 0.5% down on the previous month of April.