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New building permits reduced in area and value

New building permits reduced in area and value

06.09.2022

Decreases in both area and cost are seen in new building permits issued in the first half of 2022, data released by the Statistical Office on Tuesday showed.

Between January and June 2022, 3,898 building permits were issued compared to 3,990 in the corresponding period of the previous year, representing a decrease of 2.3%. In particular, the number of permits for the construction of residential units during this period decreased by 6.2%, while the number of permits for the construction of roads (34.8%) and civil engineering objects (24.9%) increased.

At the same time, the total cost of these permits decreased by 9.1%, while the cost of residential units decreased by 11.6%, while the cost of road and civil construction projects increased by 25.6% and 35.1%, respectively.

The total area also decreased by 12.4%, compared to the corresponding period of 2021, as the area of residential buildings decreased by 10.9%, and non-residential – by 21.4%.

The number of residential units decreased by about 5%. Single-family dwellings decreased by 9.6%, twin dwellings by 6% and residential multi-family dwellings by 3%, while mixed multi-family dwellings grew by 7.2%.

The number of building permits issued by municipal authorities and district administrations in June 2022 reached 626. The total value of these permits reached 220.1 million euros, and the total area was 202.1 thousand square meters. It is planned to build 1,146 housing units under these permits.

Building permits are an important indicator of future activity in the construction sector.

Source and photo: inbusinessnews.reporter.com.cy, Editor estateofcyprus.com

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