07.11.2022
The first eight months of 2022 saw a 4.0% decrease in the number of building permits across Cyprus compared to the corresponding period last year, while the cost of building permits and the total area of registered residential units decreased, year on year.
By province, according to data released on Monday by the Statistical Office, an increase in the number of building permits was noted only in the province of Famagusta, while a decrease in the cost and area of residential units was recorded in all provinces, with the exception of Nicosia, where there was a significant increase.
In particular, according to the Statistical Service, in August 2022 alone, the number of building permits issued by municipal authorities and regional administrations in August 2022 reached 510.
The total value of these licenses reached 166.4 million euros, and the total area – 146.0 thousand square meters. With these permits, it is planned to build 687 housing units.
Between January and August 2022, 5,031 building permits were issued compared to 5,240 in the corresponding period of the previous year, representing a decrease of 4.0%.
The total cost of these permits decreased by 2.3% and the total area by 7.7%. The number of residential units decreased by 3.4%.
By province
In more detail, according to the data, in Nicosia, between January and August 2022, the number of building permits decreased by 2.7% compared to the corresponding period last year, while recording a significant increase of 12.31% in value terms. of these permits and an increase of 5.7% recorded the total area of permits. The number of residential units to be built is expected to increase by 10.4%.
In Famagusta, the number of building permits increased significantly by 19.5%, while the cost of permits decreased by 15.5% and the area by 28.7%. The number of residential units to be built is expected to increase by 3.2%.
In Larnaca, the number of permits decreased by 9.51%, the cost decreased by 14.1%, and the area by 21.2%. The number of residential units planned to be built decreased by 19.8%.
In Limassol, the number of permits decreased by 2.5%, the cost of permits decreased by 1.6%, and the area by 5.6%. The number of residential units to be built has decreased by 5%.
Finally, in Paphos the number of building permits decreased by 10.6%, the cost of permits decreased by 13.8% and the total area by 15.8%. The number of residential units planned to be built decreased by 11.4%.
According to the Statistical Service, building permits are an important indicator of future activity in the construction sector.
