Cyprus real estate construction holds up in Q3

Output in the construction sector slowed to its slowest pace of growth for two years in the third quarter of 2008, with the production index for construction rising by 1.7% over the third quarter 2007, compared with an increase of 3.9% in the second quarter and a peak of 8.3% in the first.
However, the slowdown came not as a result of the real estate sector but as a result of a 7.2% decline in civil engineering projects, perhaps as the new Paphos airport, which opened in November, came close to delivery.
An increase of 4.0% was recorded for buildings, which was actually higher than the 1.5% recorded in the second quarter.

Meanwhile the output prices index in construction for the third quarter 2008 recorded an increase of 2.1% over the second quarter of 2008. Compared to the same quarter last year, the index recorded an increase of 6.7%.