Jakarta:Residential construction prices in Germany surged by 5.5% year on year in August, marking the fastest rise in three years. Official figures released on Friday indicated this acceleration from a 5% increase recorded in May. Over a three-month period, prices rose by 1%, as reported by the Federal Statistical Office (Destatis).

According to Anadolu Agency, The data encompasses construction work on conventionally built residential buildings and includes value-added tax. Prices for structural work saw a 5.4% increase from the previous year, driven by significant hikes in roofing and carpentry and timber construction, which rose by 7.6% and 7.2%, respectively. Concrete and masonry work, which represent substantial portions of structural work and the overall residential construction price index, became more expensive by 4.3% and 4.2%, respectively. Earthworks prices also increased, rising by 6.1%.

Interior finishing costs climbed by 5.7% year on year, with electrical, security, and information technology systems experiencing a 7.2% increase. Prices for external thermal insulation systems went up by 5.7%, while heating and central hot-water systems, including heat pumps, rose by 5.2%. Metalwork prices increased by 5%.

The price hikes also affected maintenance and nonresidential construction sectors. Maintenance work on residential buildings, excluding cosmetic repairs, was 6% more expensive than a year earlier. Costs for new office buildings rose by 5.7%, and commercial building construction increased by 5.5%. Road construction recorded a significant annual increase of 6.9%.