Data from the National Institute of Statistics (INE) show new housing construction costs rose 4.5% year‑on‑year in November, an acceleration of 0.1 percentage points from the prior month. Multiple reports identify labour costs as the main driver of the increase, which feeds into higher development budgets and could slow new supply or raise asking prices. For expat buyers and landlords, rising construction costs may limit new‑build availability and put upward pressure on long‑term housing costs.