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Building permits decreased, value and area increased

Building permits decreased, value and area increased

12.05.2023

In the first two months of 2023, a 12.7% decrease in the issuance of new building permits was recorded. According to published data, 1,143 building permits were issued between January and February 2023, compared to 1,309 in the corresponding period of the previous year. The total value of these licenses increased by 2.1% and the total area by 0.9%. The number of residential units increased by 0.3%.

In February, municipal and provincial governments issued 553 building permits. The total value of these licenses reached 160.8 million euros, and the total area – 147.6 thousand square meters. With these permits, it is planned to build 608 housing units.

Building permits are an important indicator of future activity in the construction sector.

Source and photo: inbusinessnews.reporter.com.cy, Editor estateofcyprus.com

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