DIY renovations prove costly

More expensive building materials has put a price crunch on owners planning to invest in renovating their home.

In October, according to the Cyprus Statistical Services, the price index of construction materials registered an increase of 14.26% annually.

In the first 10 months of the year (January – October), the increase recorded by the index was 18.30%, compared to last year.

Renovations will be impacted as key material costs have recorded significant hikes.

The price of floor tiles, necessary in any renovation, has gone up by 25.97% compared to October last year, while bathroom utilities, such as toilets and sinks, have climbed 17.3%.

Building bricks have increased by 6.48%.

Prices for cabinets and worktops have risen by 12.01%, while for doors and windows, the increase is 12.53%.

Stainless steel bathware and kitchenware prices have increased by an average of 18.08% in the past year.

Those who are thinking about insulation, thermal insulation and moisture insulation materials increased by 14.85% and 4.14%, respectively.

Acrylic and other plastic bathroom products have increased by 29.77%.

If the renovation includes aluminium doors and windows, homeowners should know that prices increased 18.14% in October compared to last year.

As for electrical equipment, the prices of cables jumped by 18.24%, sockets, switches, fuses, and insulators by 17.66% and lamps by 2.96%.

The price of marble has increased by 9.993%, granite by 12.14% and decorative stones by 12.77%.

If a home renovation includes a fireplace, average prices have risen 10.06% in a year.

Cyprus banks have recently been advertising loans for property renovations and holiday homes, with a repayment period of 5 to 20 years.

To obtain a loan for a renovation, borrowers must present architectural plans and mortgage their property.