The Cyprus real estate sector has lost ground in 2021 due to the pandemic as the number of building permits has accelerated but is still well below the levels recorded in pre-coronavirus 2019.
The area of licensed facilities in 2021 increased by 3.8% to 2346.2 million square meters from 2260.7 million square meters in 2020.
Compared to 2019, when the area of licensed facilities reached 2,585.8 million square meters, in 2021 the decrease was 9.3%.
Despite the increase in the area of licensed projects, the total cost of permits decreased by -7.8%, falling to 2.5 billion euros from 2.7 billion euros in 2020.
The total cost of these permits decreased by -7.8%, although residential buildings remained the same.
The decrease was mainly noted in road construction (41.9%), non-residential buildings (32.9%) and civil engineering facilities (35%).
Compared to the previous year, Nicosia, Larnaca and Paphos recorded an increase in coverage, while Famagusta and Limassol showed a decrease.
Larnaca posted the biggest year-on-year growth with 45.3%, followed by Paphos with 27.6% and Nicosia with 10%.