Cyprus home construction in decline
The large investments and development projects in Cyprus mentioned by Minister of Transport and Works Yiannis Karousos in his ministry’s recent project presentation may have kept the construction and real estate sector afloat until 2022, but the industry still faces challenges.
Surprisingly, data from the bureau of statistics (CyStat) show, on the one hand, an increase in projects such as road construction and civil engineering projects, but on the other hand, a decrease in residential construction. In particular, according to the latest figures, the number of residential units has decreased by 4.6%. The residential buildings category recorded a 7.6% decrease in the January-October 2022 period compared to 2021.
In terms of area, the decrease is -8.2%, and in terms of value, it is -6.2%. Single-family homes fell around 10%, double-family homes fell 4%, and mixed multi-family homes rose marginally.
To highlight the difference between civil engineering projects and the other categories, it is worth noting that civil engineering projects rose by 12%, while road construction grew by 23.4%. Non-residential buildings increased in value by 32.9%, while road construction rose by 68.9%.
