Insider Business Construction activity increases 20.7% in 2016

Construction activity increases 20.7% in 2016

Construction activity registered an increase of 20.7% in 2016 compared to an increase of 0.2% in 2015, based on the production index of the sector.

According to the annual report “Construction and Housing Statistics, 2016” released Thursday by the Statistical Service of Cyprus, the production value of the construction sector increased in 2016 by 22.2% to €2,146.9 million compared to €1,756.9 million in 2015. The value added at current prices recorded an increase of 23.5%.

Τhe share of new construction in residential buildings is estimated at 50.8% of the total and of non-residential buildings at 27.7%, while civil engineering projects accounted for 21.5%. The corresponding figures for 2015 were 48.9% for residential buildings, 27.3% for non-residential buildings and 23.7% for civil engineering projects.

The number of persons employed in the sector in full time equivalent terms increased from 19,242 persons in 2015 to 21,130 persons in 2016.

The number of persons registered as unemployed decreased from 5,295 persons in 2015 to 4,094 persons in 2016.

The price index of construction materials decreased by 1.7% in 2016, following a decrease of 2.7% in 2015.

The number of new dwellings completed increased by 7.5% to 2,570 housing units compared to 2,390 in 2015. By administrative district, the number of new dwellings is distributed as follows: Lefkosia (Nicosia) 745, Ammochostos (Famagusta) 170, Larnaka 469, Lemesos (Limassol) 791 and Pafos 395.

The average area per dwelling completed in 2016 was 239 square metres for houses and 150 square metres for apartments, compared to 216 and 134 respectively in 2015.

The cost of construction per square metre (excluding the value of land) increased from €1,009.5 in 2015 to €1,018.6 in 2016 for houses and from €839.6 in 2015 to €902.3 in 2016 for apartments.

The dwelling stock at the end of 2016 amounted to 449 thousand dwelling units, of which 60.9% were in the urban areas.

(Cyprus News Agency)

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