05.03.2024
Several thousand apartments are expected to significantly increase housing supply as 541 apartment buildings are expected to be completed in the coming months.
The construction boom is aimed at solving the pressing problem of housing shortages due to significant increases in prices for the sale and rental of real estate in recent years.
Buying a home or apartment can be complicated by a variety of factors, including rising building materials prices, inflation, supply chain disruptions and rising interest rates.
Data collected and analyzed by Ask Wire , sheds light on construction trends in Cyprus. Since 2023, construction has been in full swing: construction of more than 500 apartment buildings has started in various areas. Construction activity peaked in March: more than 50 new projects were launched.
In Limassol , known for its high property prices, construction of 198 apartment buildings began in 2023, with a significant surge in construction activity between March and May. In Nicosia, construction was spread evenly throughout the year, with 165 new projects starting across all months.
In 2023, 127 apartment building projects were launched in Larnaca , catering to both local and foreign demand. July turned out to be the busiest month, with 16 projects underway.
