Nicosia, Cyprus. Cyprus’ construction sector expanded in 2024, with production value rising by 7.4 per cent to €6.70 billion and value added increasing by 10.7 per cent to €1.75 billion, according to a Cyprus Statistical Service survey released on Wednesday.
The sector also recorded growth in new construction and employment, while construction activity remained positive in the first quarter of 2026.
Production and value added
The production value of the broad construction sector increased to €6.70 billion in 2024 from €6.23 billion in 2023.
Value added at current prices rose to €1.75 billion from €1.58 billion a year earlier.
New construction activity
New construction reached €3.82 billion in 2024, an annual increase of 6.4 per cent.
Residential buildings led the increase, with output rising by 8.6 per cent compared with 2023. Output in non-residential buildings increased by 2.6 per cent, while civil engineering projects rose by 2.0 per cent.
Employment
The number of people employed in the construction sector increased by 1.9 per cent to 39,700 in 2024, compared with 38,900 in the previous year.
Early 2026 indicators
Recent Cystat data showed continued construction activity in the opening months of 2026.
The Index of Production in Construction increased by 0.7 per cent year-on-year in the first quarter, while the Output Prices Index in Construction rose by 4.7 per cent over the same period.