12.01.2024
The number of building permits issued in Cyprus between January and October 2023 fell by 6.9% year on year, with the value and area of these permits increasing annually, driven by rising prices for construction materials.
According to data published by the Cyprus Statistical Service ( Cystat ) for the period from January to October, the number of building permits issued by municipal and district authorities fell to 5,906 compared to 6,347 in the corresponding period last year, a drop of almost 7% in on an annual basis.
The decline was driven by annual declines in permits for residential buildings (6.5%), non-residential real estate (14.2%) and civil engineering projects (19%). However, the cost of these permits increased by 17%, driven by increases in the cost of residential property development by 23%, civil engineering projects by 35% and subdivision of sites by 1.3%, Cystat added .
The total area of these building permits increased 3.6% year over year, primarily due to an annual increase in the total area of residential units.
According to Cystat , the number of residential units in January–October 2023 increased by 10.3% year over year, driven by a 26.4% increase in the number of apartment buildings in multifamily buildings.
In October 2023, the number of construction permits issued by municipal authorities and district administrations in October 2023 was 632. The total cost of these permits reached 263.2 million euros, and the total area – 204.1 thousand square meters. Based on these permits, it is planned to build 1,003 residential properties.
