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Value added of construction sector up 9.4% in 2023

08:51 - 16 July 2025

Real Estate

The value added of Cyprus' construction sector increased by 9.4% in 2023, reaching €1.58 billion, according to the Construction and Land Development Survey published by Cystat.

Total production value in the broader construction sector rose by 12% to €6.23b in 2023, compared with €5.56b in 2022.

Value added at current prices climbed by 9.4% to €1.58b from €1.44b in 2022.

New construction projects totalled €3.59b in 2023, marking a 5.9% increase compared to the previous year. Residential buildings grew by 6.2%, non-residential buildings by 4.5%, and civil engineering projects by 6.4%.

Employment in the construction sector rose by 4% in 2023, reaching 38,900 workers, up from 37,500 in 2022.

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