Delfi Analytics 40% - Cyprus Banking Insights
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100%
Delfi Analytics
80%
Cypriot Construction Industry: Key Trends in 2020
40%
Publication | Cyprus | April 2021Executive Summary
-2.7%
In 2020, a year marked by the onset of the coronavirus pandemic, the building activity in Cyprus slumped
after a five-year increase. The major causes for the decline in the construction industry are mainly the
coronavirus outbreak & the cancellation of the Cyprus Naturalization program. Specifically, building permits
dropped slightly by 2.7%, from 7,218 in 2019 to 7,023 in 2020. This figure corresponds to 9,292 dwelling units
(-3.5% yoy), €2,710.3 thousand (-27.3% yoy) & 2,260.7 thousand m2 of surface (-12.6% yoy). Moreover,
residential buildings permits accounted for 72.2% of the total building permits reaching 5,069 in 2020 (-2.1%
yoy).
2,717 building permits in Nicosia issued during
2020 (+7.2% decrease compared with the
7,023
corresponding period in 2019)
2,058 building permits in Limassol issued during
2020 (-5.9% decrease compared with the
corresponding period in 2019)
957 building permits in Larnaca issued during 2020
(-15.6% decrease compared with the corresponding
period in 2019)
953 building permits in Paphos issued during 2020
(-9.4% decrease compared with the corresponding
period in 2019)
Building Permits
338 building permits in Ammochostos issued issued in 2020
during 2020 (+8.4% decrease compared with the
Data Source: CYSTAT
corresponding period in 2019)
Delfi Analytics Publications 2Building Activity in Cyprus: Snapshot 2020
-27.3%
-12.6%
Building Activity -3.5%
in Cyprus: 2020 -2.7%
According to the data released
by the Statistical Service of
Cyprus (CYSTAT), building
activity in Cyprus decreased in 04
2020 for the first time in five
years due to the cancellation of 03
Cyprus Naturalization program
& the pandemic outbreak. In 02
terms of the number of building
permits issued, building activity 01
fell slightly by -2.7% from 7,218
permits in 2019 to 7,023 permits
in 2020.
Building Permits Dwelling Units Areas (m2) Value (€000's)
7,023 9,292 2,260,732 m2 2,710,388 €
Data Source: CYSTAT
Delfi Analytics Publications 3Building Activity in Cyprus: Breakdown per District - Paphos
# of Permits
953 -9.4%
Value (€000's)
351,819 € +8.5%
Dwelling Units
966 -10.9%
Sun (m2)
Areas
242,745
The Sun is the star at -6.1%
the center
Data Source: CYSTAT
Delfi Analytics Publications 4Building Activity in Cyprus: Breakdown per District - Limassol
# of Permits
2,058 -5.9%
Value (€000's)
944,664 € -54.9%
Dwelling Units
3,361 -18.2%
Sun (m2)
Areas
777,472
The Sun is the star at
-36.0%
the center
Data Source: CYSTAT
Delfi Analytics Publications 5Building Activity in Cyprus: Breakdown per District - Nicosia
# of Permits
2,717
+7.2%
Value (€000's)
813,056 €
+21.4%
Dwelling Units
3,275
+13.9%
Sun (m2)
Areas
743,698
The Sun is the star at
+19.1%
the center
Data Source: CYSTAT
Delfi Analytics Publications 6Building Activity in Cyprus: Breakdown per District - Larnaca
# of Permits
957 -15.6%
Value (€000's)
331,442 € -26.8%
Dwelling Units
1,141 -1.5%
Sun (m2)
Areas
282,660
The Sun is the star at -15.1%
the center
Data Source: CYSTAT
Delfi Analytics Publications 7Building Activity in Cyprus: Breakdown per District - Ammochostos
Nr of Permits
338 +8.4%
Value (€000's) +44.7%
269,407 €
Dwelling Units +36.6%
549
Sun (m2)
Areas +38.2%
214,157
The Sun is the star at
the center
Data Source: CYSTAT
Delfi Analytics Publications 8Building Activity in Cyprus: Building Permits Evolution & Breakdown
Number of Permits & YoY Percentage Change, 2017-2020
+12.6% -2.7%
+11.9% 7,218 7,023
+7.0% 6,408
5,728
2017 2018 2019 2020
7,023 Number of Permits per Type of Project in 2020 & YoY Percentage Change
Permits
-2.1%
5,069
-12.0%
+19.6% +2.6% 986
-8.4%
324 481
163
Data Source: CYSTAT
Road Construction Civil Engineering Projects Division of Plots Non-Residential Buildings Residential Buildings
Delfi Analytics Publications 9Building Activity in Cyprus: Asset Value Evolution & Breakdown
Value (€000’s) & YoY Percentage Change, 2017-2020
+81.4%
3,728,602
-27.3%
2,710,388
+19.5%
+48.6% 2,055,482
1,719,821
2017 2018 2019 2020
2,710,388
Value (€000’s) per Type of Project in 2020
(000’s €) & YoY Percentage Change
-16.3%
€ 2,033,465
-48.3%
€ 479,078
+40.3% -54.1% -49.0%
€ 42,781 € 136,554
€ 18,510
Data Source: CYSTAT
Road Construction Division of Plots Civil Engineering Projects Non-Residential Buildings Residential Buildings
Delfi Analytics Publications 10Building Activity in Cyprus: Regional Comparison
New Building Permits & YoY Percentage Change, by Region Dwelling Units & YoY Percentage Change, by Region
2,717
3,275 3,361
2,058
953 957 1,141
966
338 549
Ammochostos Paphos Larnaca Limassol Nicosia Ammochostos Paphos Larnaca Nicosia Limassol
Value (€000’s) & YoY Percentage Change, by Region Area (m2) & YoY Percentage Change, by Region
€ 944,664
€ 813,056 777,472
743,698
€ 331,442 € 351,819
€ 269,407 242,745 282,660
214,157
Ammochostos Larnaca Paphos Nicosia Limassol Ammochostos Paphos Larnaca Nicosia Limassol
Data Source: CYSTAT
Delfi Analytics Publications 11Building Activity in Cyprus: Permits’ Monthly Analysis
Number of Building Permits per Month in 2020 & YoY Percentage Change
2020 2019
-0.4%
-0.1% -3.0%
+26.4% +10.9% +0.2%
-12.1%
-1.1% +12.6%
740 +18.1%
-23.9% 708 686
724 690 583 648
538 591 -62.5%
397 523
195
709 743 663 707 647
544 525 573 622
522 520 443
January February March April May June July August September October November December
7,023 -2.7% July
Building Permits in 2020 Building Permits in 2020 Peak Period
Data Source: CYSTAT
Delfi Analytics Publications 12Legal Disclaimers
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DISCLAIMER © 2021 - DELFI PARTNERS: COPYRIGHT & REGISTERED TRADEMARK: DELFI PARTNERS Ltd | DELFI PARTNERS S.A. | DELFI ANALYTICS
The Information herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is
your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example purposes only. As between you and DP, you
acknowledge that DP owns or has a license to all title and copyrights in and to the content provided in this presentation. All title and intellectual property rights in and to any licensed content provided in this
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Delfi Analytics Publications 13Delfi Partners & Company Delfi Analytics
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