Value of building permits up by 15.7%

Despite the drop of total number of building permits during the first nine months of 2023, compared to the same period of 2022, their total value recorded an increase of 15.7%, and their volume went up by 2.9%.

According to data published by the Cyprus Statistical Service (CyStat), during the period January – September 2023, 5,274 building permits were issued compared to 5,701 in the corresponding period of the previous year, recording a decrease of 7.5%.

However, the total value of these permits increased by 15.7% and the total area by 2.9%.

The number of housing units recorded an increase of 8.6%, due to a 24.4% increase in residential apartment blocks. On the contrary, single houses, buildings with two housing units and mixed residential/commercial apartment blocks recorded a decrease of 12.1%, 5.3% and 5.8% respectively.

During September 2023 the total number of new building permits stood at 612. The total value of these permits reached €275.4 million and the total area 214.1 thousand square metres. These building permits provide for the construction of 1,030 housing units.

Building permits constitute a leading indicator of future activity in the construction sector, CyStat says.