Despite periodic lockdowns and quarantines, as well as numerous restrictions, the Cyprus construction industry continues to develop.
As it turned out, difficult economic conditions, difficulties in transporting materials from abroad and the increase in material prices did not affect the building construction speed on the island. However, something has changed in Cyprus.
There are currently two trends in the construction sector: the number of housing projects is growing and, conversely, the number of commercial projects is decreasing.
According to the latest data from the Statistical Service, the number of permits issued for the construction of non-residential buildings decreased significantly in the first four months of 2021, while housing projects keep developing.
By the way, from January to April 2021, the area of licensed projects for offices decreased by 70%, for industrial buildings and warehouses - by 13.6%, commercial buildings - by 35.8%.
On the other hand, in the hospitality business, an increase was recorded by 26.5%, and in the entertainment sector - by 45.8%.
As for housing projects, the area of apartment buildings on an annualized basis increased by 66.7%, and the area of duplexes - by 20.8%, maisonettes by 45.2%, detached houses by 56.3%.
The total increase in residential and non-residential projects was 36% and is largely associated with small projects. The total area of small projects increased by 49.5% in four months, while the area of large projects increased by 25.4%.
Compared to the same four months in 2019, the total number of licenses issued for residential and commercial buildings has not changed. However, if you look at the categories, the number of permits issued for the construction of commercial projects fell by 56.1%, and residential - by 16.4%.