The NicosiaLimassol highway will be closed for construction from 8:00 pm on Thursday, July 25th until 6:00 am on Friday, July 26th, with detours onto the old NicosiaLimassol road via the Latsia and Idalion Industrial Area exits. Concurrently, maintenance on the bypass road will take place between 10:00 pm and 5:00 am the same night, affecting both directions of travel from the Ayia Phyla roundabout to the Troodos roundabout.
Residents and commuters in DromolaxiaMenoú brace for road closures from July 6 October 4, 2024, due to sewage system construction, with alternative routes via Nίkou Belogiánni, Eirίnēs kai Philίas, and Archiepiskόpou Makarίou G΄ Streets provided for smooth traffic flow.
The Vasilikos LNG Terminal project in Cyprus remains steadfast despite setbacks, with Energy Minister George Papanastasiou ensuring its completion to lower electricity costs and enhance the country’s energy sector alongside renewables and regional connectivity. Despite a contractor dispute and consortium withdrawal, efforts are underway to resume construction and solidify the terminal’s pivotal role in shaping Cyprus’s energy landscape for the future.
Travelers on the NicosiaLimassol highway near Parekklesia junction should prepare for a temporary closure on Sunday, July 21, from 5 AM to 8 PM. Lanes toward Nicosia will cater to twoway traffic, with local access to Limassol closed—drivers are advised to use the coastal road and expect delays.
Labor Minister Yiannis Panayiotou is optimistic about reaching an agreement in the construction sector negotiations despite a potential strike. A key meeting with trade unions is scheduled for July 25th, with a mediation proposal aimed at balancing economic growth and workers’ rights amidst uncertainties.
Summary: Trade unions in the construction sector have dismissed a government proposal that fails to address low wages, with 40% of workers earning below €1,200 per month, prompting discussions of a potential strike to demand fair compensation. The looming strike serves as a powerful statement of unity and determination among the workers, who are collectively standing up for their livelihood and pushing for urgent change in the face of unmet demands.
The Cyprus construction sector experienced remarkable growth in 2022, with an 8.9% increase in added value reaching €1.44 billion and a total production value surge of 10.3% to €5.56 billion. Residential construction led the charge with a 21.3% rise, while employment in the sector also saw a 3.0% increase, pointing towards a flourishing industry poised for continued growth.
The Cyprus construction sector is thriving, with an 8.3% increase in building permits signaling strong economic growth and investor confidence. This surge reflects a robust demand for residential and commercial spaces, underlining developers’ optimism in Cyprus’s real estate market.
In Cyprus, building permits have risen by 8.3% in the first four months of 2024, indicating a growing construction sector and a thriving economy. The surge in residential units, up by 24.2%, showcases a promising market for both residential and commercial properties, reflecting investor confidence and a flourishing real estate sector.
The ECB rate cut is expected to boost Cyprus’s economy by lowering borrowing costs, encouraging investment, and stimulating economic growth. Additionally, the construction sector shows promising signs of growth, with an increase in building permits and a surge in civil engineering projects, reflecting diversified economic expansion and potential investment opportunities.
