Cyprus Sees Strong Building Activity Amid EU Construction Output Decline in July
Construction output across the European Union declined by 0.3% in July compared to June, with the euro area remaining unchanged, according to Eurostat. Despite the wider EU downturn, Cyprus is bucking the trend, demonstrating robust growth in building activity. Recent data from the Cyprus Statistical Service (Cystat) shows a 21.1% annual increase in building permits authorized in May 2026, with a total of 3,650 permits issued in the first five months—up 32.1% from 2025.
The rising number of building permits, covering a significant increase in floor area and planned homes, highlights Cyprus’ expanding property market. However, the sector faces pressures from increased construction costs, with Cystat reporting a 3.39% year-on-year rise in construction materials prices in August. This growth comes amid concerns about housing affordability and the availability of new homes. Official Cyprus construction production figures for the second quarter of 2026 are expected to be released on October 5, offering further insights into the country’s performance relative to the EU.
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