The decline in oil rates has contributed to the further fall in construction material prices and the cost of building new residential properties, according to data released on Friday by the Hellenic Statistical Authority (ELSTAT).
March saw construction material prices decline by 1.9 percent from the same month last year, mainly thanks to the 10.7 percent year-on-year drop in diesel rates. A year earlier there had been an annual decline of 2.9 percent.
The general index of new home construction costs posted an annual decline of 2.2 percent in the first quarter of the year. The drop amounted to 0.7 percent compared with the previous quarter. This index tracks the cost of construction based on the prices of materials and the labor costs faced by construction companies.
There was also a 2.6 percent annual drop in the general price index for the work categories in the construction of new homes during the January-March period this year. This index records the fluctuation of prices paid to construction contractors by the professionals who undertake partial projects in a new building.