Cyprus Property News
Cyprus | Posted:

Cyprus Construction Industry Shrinks

The Production Index for the Construction Industry for the first quarter of 2012 amounted to 71.0 units (base 2005 = 100.0), showing a decrease of 16.5% over the first quarter of 2011. The ratio recorded by the Statistical Service of Cyprus is a serious indication of the absence of growth of the Cyprus construction industry.

For the sub-indicators, in the first quarter of 2012 compared to the same quarter of 2011, there was a decrease of 11.3% in the Index of Production for Buildings and a 30.6% in the Production Index for Civil Engineering work. The negative trends of the Cyprus property market are clearly shown through the above indicators. There are continuing falling prices and lesser sales. The recent rise in sales accounting to advantageous tax benefits were just temporary and do not reflect an overall return in growth.