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Construction & Housing Statistics (2008)

In a press release issued this morning, the Cyprus Statistical Service announced that it has published its annual Construction and Housing Statistics report for the year 2008.

THE CYPRUS Statistical Service announces that it has published the annual report “Construction and Housing Statistics, 2008”.

The report contains detailed data on the construction sector, pertaining, inter alia, to output, capital formation, inputs, new dwellings completed, building permits authorized, labour cost index and price indices of construction materials.

The main developments in the construction sector in 2008 were:

  1. The sector continued to record a positive rate of growth, registering an upwards trend in its value added in real terms of 4.5% compared to 7.7% in 2007 and 6.8% in 2006.
  2. Gross output at current market prices rose by 9.7% and reached €3,058 million compared to €2,788 million in 2007. New residential buildings accounted for 51.1% of the gross output, new non-residential buildings (offices, shops, hotels, factories, airport buildings, etc.) for 22.9%, new civil engineering projects (roads and bridges, water supply and sewerage networks, telecommunications and electricity lines etc.) for 17.4% and repairs and maintenance for the remaining 8.5%.
  3. Employment in the sector increased from 36,758 persons in 2007 to 38.321 persons in 2008 and accounted for 10.1% of the gainfully employed population.
  4. Labour cost in construction increased by 6.0% compared to 4.6% in 2007. The price index of construction materials recorded a rise of 9.8% compared to an increase of 5.3% in 2007.
  5. The number of new dwellings completed increased by 10.3% to 18,195 dwelling units compared to 16,501 in the previous year. By district, the number of new dwellings is distributed as follows: Nicosia 4,788, Famagusta 1,847, Larnaca 3,575, Limassol 3,981 and Paphos 4,004.
  6. The average area per dwelling completed in 2008 was 199 square metres for houses and 118 square metres for apartments, compared to 191 and 117 respectively in 2007.
  7. The cost of construction per square metre (excluding the value of land) rose from €803 in 2007 to €844 in 2008 for houses and from €727 to €767 for apartments.
  8. The dwelling stock at the end of the year amounted to 374 thousand dwelling units, of which 63.1% were in the urban areas.

The complete report is available from the CYSTAT website.

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