The growth of costs in the construction sector slowed down in the third quarter of this year, compared to the previous quarter.

INSTAT informs that the cost of construction marked an increase of 1.6% during the third quarter of 2024, compared to the same period of 2023, while a year ago the increase was 4.2%.

Compared to the same quarter of a year ago, the biggest increase in prices is observed in the group "salary expenses" at 3.2%, followed by the group "transportation expenses" at 3.1%, "energy expenses" at 2.9% and "other costs" with 2%.

INSTAT reports that, compared to the second quarter of 2024, the construction index costs increased by 0.1%.

The biggest increase in prices is observed in the group "salary expenses" by 0.7%, followed by the group "transportation expenses" by 0.6%, and "machinery expenses" by 0.3%. On the other hand, the group "material expenses" decreased by 0.3%.

The Albanian authorities issued 354 building permits in the third quarter of 2024, down 1.9% compared to the same quarter of 2023, the national statistical office INSTAT said last week.

As many as 266 permits were issued for the construction of residential buildings, INSTAT said in a quarterly report. The approved permits covered projects with a total area of 814,340 square meters, a 78.9% increase from the same period in 2023.

The estimated value of the approved construction projects rose to 33.3 billion leks ($353.1 million/335.4 million euro) in the period under review, from 18.9 billion in the third quarter of 2023.

The highest number of permits, 134, were issued for buildings in the capital Tirana, followed by 84 in the coastal city of Durres.