The added value of Cyprus’s construction sector rose by 9.4% in 2023, reaching €1.58 billion, according to the Construction and Land Development Survey released on Tuesday by the Cyprus Statistical Service.

Specifically, the total production value in the broader construction sector increased by 12.0% in 2023, amounting to €6,232.6 million compared to €5,564.7 million in 2022. The added value at current prices rose by 9.4%, reaching €1,578.7 million in 2023, up from €1,442.4 million in 2022.

New construction projects reached €3,592.6 million in 2023, marking a 5.9% increase compared to 2022. In particular, residential buildings increased by 6.2%, non-residential buildings by 4.5%, and civil engineering projects by 6.4%, all compared to the previous year.

Employment in the construction sector grew by 4.0% in 2023, rising to 38.9 thousand people from 37.5 thousand in 2022.