07.09.2023
According to the Statistical Service, the number of building permits issued in Cyprus in the first half of 2023 fell by 7.4% year on year, while the value of permits increased by 16.5% and the total area of properties increased by 3.0%. . The increase in the number of residential units is due solely to the increase in residential apartment buildings.
In the six months from January to June, the number of building permits issued by local authorities reached 3,608, compared with 3,898 in the same period last year.
The total value of these permits increased by 16.5% to €1.42 billion from €1.22 billion in the first half of 2022.
Additionally, the total area of permits issued grew 3% year over year . The number of residential units increased 2.6 percent to 5,276, primarily driven by a 17.6 percent increase in the number of residential multifamily units compared to the same period last year. In contrast, the number of single-family residential buildings decreased by 9.4%, duplexes by 20.9%, and mixed-use multifamily buildings by 45.2%.
Building permits are a leading indicator of future activity in the construction sector.
The number of building permits fell to 610 in June alone from 626 in June 2022.
The total value of these permits reached €251.1-220.5 million in June last year, with a total coverage area of 200,500 square meters, down slightly from 202,070 square meters in June last year.
These planning permissions provide for the construction of 1,141 housing units, Cystat added .
