Construction costs increased by 2.8% in May, according to the New Housing Construction Cost Index, released by the National Statistics Institute (INE).

"In May 2023, it is estimated that the cost of building new housing increased by 2.8% year-on-year, slowing down by 0.4 percentage points (p.p.) compared to the previous month", can be read in the report.

The price of materials showed a year-on-year change of -0.7% and the cost of labour by 7.7%.