Building costs up 3.8% YoY

Building houses in Portugal is getting increasingly expensive with costs up 3.8% YoY and 3.2% on February.

Portugal’s National Statistics Institute (INE) estimates that the costs of building new housing have increased 3.8% year-on-year, compared to 3.2% in the previous month. The price of materials varied 1.1% and the cost of labor increased 7.1%.

Among the materials that most influenced the aggregate price variation were glass and mirrors, thermal and acoustic insulation and coatings, and insulation and waterproofing materials, with an increase of about 10%.

However, the price of woods and derivatives, galvanized and mild steel plates saw prices fall by around 10% while PVC, steel, and cast iron tubes and plumbing parts fell by around 5%.