07.12.2023
Between January and September 2023, Cyprus experienced a contrasting trend in the issuance of construction permits, with the total number of licenses issued falling but their total value increasing significantly.
According to data released by the Cyprus Statistical Service ( Cystat ) on Wednesday, 5,274 building licenses were issued, compared to 5,701 permits for the same period in 2022, a decrease of 7.5%.
However, the total value of these licenses increased by 15.7%, and the total area increased by 2.9%.
The number of residential units increased by 8.6%, primarily due to a significant increase in permits for multifamily residential buildings, which increased by 24.4%.
On the other hand, other categories such as single-family homes, duplexes and mixed-use homes saw declines of 12.1%, 5.3% and 5.8% respectively.
In September 2023 alone, 612 building licenses were issued with a total value of 275.4 million euros and an area of 214.1 thousand square meters. These licenses are projected to result in the construction of 1,030 residential units.
