07.12.2023
Intensive construction of new apartment buildings continues, which, although fewer in number, are more expensive compared to last year. According to the Statistical Service, in the period January-September 2023, compared to the corresponding period last year, there was a decrease in the number of permits issued for the construction of residential (7.4%) and non-residential buildings (12.7%).
A total of 3,610 permits for the construction of residential buildings were issued instead of 3,610 for the same period in 2022, although with an increase in area by 4.7%.
Rising property values
It should be noted that, despite the reduction in permits for the construction of residential buildings, their value increased in the nine months of 2023 by 22.1%, exceeding 1.72 billion euros. compared to 1.41 billion euros in the nine months of 2022.
It is also emphasized that, despite the decrease in the total number of construction permits recorded in the period January-September 2023, compared to the corresponding period last year, their total value increased by 15.7%.
Almost 5,000 apartment buildings
The number of residential units estimated to be built for single-family homes may have fallen by 12.1% to 2,095, but multifamily housing is expected to be built heavily. Specifically, based on multifamily building permits issued between January and September 2023, 4,971 units are projected to be built, up from 3,996 units in the corresponding period last year, representing a significant increase of 24.4%.
On the other hand, the number of residential units expected to be built for semi-detached homes fell 5.3% to 659, compared to 696 during the same period last year.
The data is similar for mixed-use apartment buildings, which recorded a 5.8% decline in the number of residential units, which is expected to reach 274 in the period January-September 2023 from 291 in the corresponding period last year.
