Cyprus - Dwelling Stocks

For Cyprus, measures of construction activity, with detail for dwellings: Gross output, value-added, stage of construction, construction materials and labor, etc. Annual since 1995, in euros.

Active:

• Measurements:
  • Unitary count (#)
  • Thousands count (Ths. #)
  • Fixed-base index relative to 2015
  • Millions of euros (EUR)
  • Millions of kilograms (Mil. kg)
  • Thousands of square meters (Ths. m²)
• Adjustment: Not applicable
• Native frequency: Annual
• Start dates: 1960, 1995, 2000, 2008

Predecessors:

• 2010=100
• 2005=100
• 2000=100
• Cypriot pounds (CYP)

Indicators include:

• Gross output
• Value added
• Building permits (number, value, area)
• Dwelling stock
• Dwelling completions
• Dwelling size (average area per dwelling)
• Dwelling cost (average areal cost)
• New construction of residential buildings, non-residential buildings, and civil engineering
• Repairs and maintenance
• Construction materials (price index)
• Cement (sales volume)
• Labor cost index

Timeliness

The annual "construction and housing" statistics are published in two phases: A one-year lag for  preliminary values for production value, price index of construction materials, sales of cement, and building permits; and a two-year lag for value of new construction, dwelling stock, and dwelling completions.

Comparability over time

The source writes:

Data on the structure of enterprises in the construction sector as from 2008 onwards are not directly comparable to data for previous years due to methodological differences that can be attributed to two main factors: the improvements in the coverage of the sector in the Business Register and the treatment of subcontracting. More specifically:

1.a. The reconciliation of the Business Register to the definition of the “enterprise“ has led to the removal from the construction sector of certain statistical units that referred to the construction activity of public or semi-government organisations, such as the Public Works Department, the district administration offices, the Electricity Authority, the Telecommunications Authority etc.

1.b. The use of administrative records as the sole source of updating the Business Register has brought about changes to the sector’s population and unit reclassifications. In particular, the coverage of the self employed has significantly improved leading to a large increase in the population of the sector. Consequently, it was deemed necessary to recalculate the weighting coefficients that were used in the sample surveys.

2. In the past, subcontracting was not included in the calculation of the value of production (neither of intermediate consumption) so that the production value is comparable with the total cost of construction of a project as estimated from the Building Permits and Housing Survey. In implementing the provisions of Regulation (EC) No. 250/2009 concerning the definitions of characteristics for structural business statistics, starting from the reference year 2008, subcontracting is included in the production value (and in intermediate consumption). Hence, this change has no effect on value added.

The indexes are rebased and reweighted every five years. Six indicators were redefined. Otherwise we have not observed revisions.

The annual labor cost index lagged during 2017-2018 (see related article).

Further reading

At Cystat:

• Industry, construction » Construction » Methodology
• Production Index in Construction (Base year 2005)
• Output Prices Index in Construction (Base year 2005)
• Price Index of Construction Materials (Base year 2005)
• Price Indices of Selected Construction Materials (Base year 2005)