Construction Cost Index of Dubai Drops by 1.72% in 2020
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The Construction Cost Index dropped by 1.72% during 2020, as the Construction Cost Index was 105.75 during 2020, compared to 107.60 in the previous year. The Construction Cost Index of non-residential buildings prices dropped by 1.50% and residential buildings prices dropped by by 1.79%, compared to the previous year.The main reason for the decline in the Construction Cost Index is the price drop of materials and raw materials used in construction operations by 2.89% due to the drop of prices of Mining and Quarrying by 3.98% and Manufacturing by 2.83% due to the drop of prices of Refined Petroleum Products by 11.59%, Computers, Electronic and Optical products by 5.52%, Non-Metallic Mineral Products by 4.46%, Electrical Equipment by 2.27%, Manufacture of Basic Metals by 1.73%, Furniture by 1.58%, Wood and Wood Products, Except Furniture by 1.08%, Machinery and Equipment N.E.C. by 0.16, and Chemicals and Chemical Products by 0.06%.Whereas the prices of Hiring of Equipment, Labour Wages and Other Costs were stabilized and remained at their previous proportions during 2020.