Cyprus construction sector worth EUR 3.1 bln in 2008

The Cyprus construction sector was worth EUR 3.1 bln in 2008 according to the latest figures from the Statistical Service, published in its annual report, “Construction and Housing Statistics. 2008”.
The report contains detailed data on the construction sector, including output, capital formation, inputs, new dwellings completed, building permits authorised, the labour cost index and price indices of construction materials.
The main developments in the construction sector in 2008 were as follows.
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 with 7.7% in 2007 and 6.8% in 2006.
Gross output at current market prices rose by 9.7% and reached EUR 3,058 mln (EUR 3.1 bln) compared with EUR 2,788 mln 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%.
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.
Labour cost in construction increased by 6.0% compared with 4.6% in 2007. The price index of construction materials recorded a rise of 9.8% compared with an increase of 5.3% in 2007.
The number of new dwellings completed increased by 10.3% to 18,195 dwelling units compared with 16,501 in the previous year.
By district, the number of new dwellings is distributed as follows: Lefkosia (Nicosia) 4,788, Ammochostos (Famagusta) 1,847, Larnaka 3,575, Lemesos (Limassol) 3,981 and Pafos 4,004.
The average area per dwelling completed in 2008 was 199 square metres for houses and 118 square metres for apartments, compared with 191 and 117 respectively in 2007.
The cost of construction per square metre (excluding the value of land) rose from EUR 803 in 2007 to EUR 844 in 2008 for houses and from EUR 727 to EUR 767 for apartments.
The dwelling stock at the end of the year amounted to 374 thousand dwelling units, of which 63.1% were in the urban areas.