Over one year, +15.9% in construction: unheard of for 48 years
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Accommodation in Luxembourg Over one year, +15.9% in construction: unheard of for 48 years
LUXEMBOURG – Over one year, prices in residential construction jumped 15.9%, notes Statec. The annual rate of change thus reached its highest level since April 1975.
Over one year, prices in residential construction have risen by 15.9%, said Monday the National Institute of Statistics and Economic Studies. “The annual rate of change has thus reached its highest level since April 1975”, underlines Statec.
In detail, the construction price index increased by 6.8% between April and October 2022, marking a slight slowdown compared to the previous half (+8.6% between October 2021 and April 2022) . The increase in the cost of energy, many building materials and the repercussion of this on the building owners “contribute the most” to this new substantial increase.
Structural work, the trades with the highest weighting in the index, shows a six-month increase of 5.3%, a drop in the general index (+6.8%). The closing of the building, which includes windows with solar protection devices, garage doors and facades, is the trade with the strongest half-year increase (+9.5%).
The general composite index for the month of October 2022, expressed in base 100 in 1970, amounts to 1071.67 points. This index is used for the indexation of almost all fire insurance contracts as well as for many other applications such as updating quotes or contracts of sale in future state of completion.
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