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Cyprus property and construction statistics for 2007

THE CYPRUS Statistical Service (CYSTAT) has published the annual report “Construction and Housing Statistics, 2007” containing detailed information relating to the property sector including the number of new properties completed, construction costs, building permits authorised, etc. During 2007, the main developments in the construction sector were: Growth – The sector continued to record a positive […]

THE CYPRUS Statistical Service (CYSTAT) has published the annual report “Construction and Housing Statistics, 2007” containing detailed information relating to the property sector including the number of new properties completed, construction costs, building permits authorised, etc.

During 2007, the main developments in the construction sector were:

Growth – The sector continued to record a positive rate of growth, registering an upwards trend in its value added in real terms of 7.4% compared to 7.3% in 2006 and 4.4% in 2005. This is attributed mainly to the significant increase in the construction of new buildings.

Output – Gross output at current market prices rose by 16.2% and reached €2,740 million compared to €2,358 million in 2006. New residential buildings accounted for 50.7% of the gross output, new non-residential buildings (hotels, shops, offices, factories, etc.) for 26.4%, civil engineering projects (roads, water supply and sewerage networks, telecommunications and electricity lines etc.) for 14.6% and repairs and maintenance for the remaining 8.3%.

Employment – Employment in the sector increased from 34,058 persons in 2006 to 35,590 persons in 2007 and accounted for 9.6% of the gainfully employed population.

Costs – Labour cost in construction increased by 4.6% compared to 5.3% in 2006. The price index of construction materials recorded a rise of 5.3% compared to an increase of 5.0% in 2006.

Numbers – The number of new dwellings completed decreased by 0.9% to 16,501 dwelling units compared to 16,647 in the previous year. By district, the number of new dwellings is distributed as follows: Lefkosia (Nicosia) 4,622, Ammochostos (Famagusta) 2,024, Larnaka 2,962, Lemesos (Limassol) 3,112 and Pafos 3,781.

Sizes – The average area per dwelling completed in 2007 was 191 square metres for houses and 117 square metres for apartments, compared to 193 and 111 respectively in 2006.

Construction costs – The cost of construction per square metre (excluding the value of land) rose from €764 in 2006 to €803 in 2007 for houses and from €694 to €726 for apartments.

The full report may be downloaded free of charge from the publications section of the Cyprus Statistical Services website.

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