12.02.2024
The number of building permits issued in Cyprus between January and November fell by almost 6% year-on-year, while area and property values increased annually, driven by rising prices for building materials as well as increased interest in apartment buildings.
CyStat data , the number of building permits issued between January and November 2023 fell to 6,583, down 5.8% from 6,986 in the corresponding period in 2022.
The total value of these permits was 2.7 billion euros, an increase of 17% compared to the corresponding period in 2022.
According to CyStat , the number of residential properties for January-November 2023 was 10,099, representing an annual increase of 12.5%, driven by a 30% year-on-year increase in apartment buildings.
According to CyStat , in January-November prices for detached houses fell by 8.4% year on year, and prices of apartments in cottages and high-rise buildings fell by 16.5%.
In November, the number of building permits issued by municipal authorities and district administrations amounted to 677. The total value of these permits reached 255.3 million euros, and the total area was 214.4 thousand square meters. These building permits provide for the construction of 1,097 housing units.
