In December 2022, construction costs for new residential buildings are estimated to have increased by 11.5% on a year-on-year basis, 0.1 percentage points (p.p.) more than in the previous month. The price of materials and labor costs rose 15.3% and 6.1%, respectively.
In 2022 the construction costs for new residential buildings presented an average rate of 11.9%, 6.2 p.p. higher than in 2021.