According to figures from the construction industry federation Embuild, building materials such as such as steel (-17%), aluminum (-15%), wood (-27%) and plastics for used pipes and insulation (-34%), are now significantly cheaper than they were three years ago. However, consumers should not expect construction or renovation costs to fall sharply.
Price of some materials used in construction currently lower than they were 3 years ago
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The war in Ukraine and the energy crisis that ensued led to a rise in the price of building materials. However, the price of some materials that are used commonly in the construction industry has fallen recently. Nevertheless, the price of some other materials required when building or renovating a house or flat are still relatively expensive. According to Embuild, the price of building materials overall has stabilised.
So, does this mean that construction and renovation costs will fall in the near future? Embuild’s CEO Niko De Meester told VRT News that this will not happen any time soon. Some materials, such as bricks and cement, will remain expensive. In addition to this, labour costs that have risen sharply in recent years, will continue to affect prices. This means that the total construction and renovation costs will remain more or less stable. Nevertheless, Niko De Meester points out that the margin for negotiation between customers and contractors could increase slightly.
As far as import duties are concerned, the construction industry federation does not expect them to have a significant impact on materials prices in the short term. “The construction industry in Belgium imports only a quarter of its materials from outside the EU, with the vast majority coming from within the EU and virtually nothing from the United States” Niko De Meester explained.