The number of building permits, a leading indicator of future activity in the construction sector, rose by an annual 3.3% in the first quarter of 2024, with the value of the issued permits rising by 13.2% year on year to €0.73 billion, according to the Statistical Service of Cyprus (Cystat).

The number of building permits issued in the first three months of the year, amounted to 1,876 compared with 1,816 in the respective period of last year. The number of dwelling units recorded an increase of 20.7% year on year, Cystat said.

By project type, permits for civil engineer projects rose by 18.9% year on year, permits for non-residential buildings rose by 10.7%, whereas permits for residential buildings declined by 0.6%. Permits for road construction and division of plots rose by an annal 11.1% and 10.6% respectively.

On residential buildings, permits for mixed residential and commercial apartment blocks spiked by 177.6% in Q1 this year, whereas residential apartment blocks rose by 32.9% year on year. According to Cystat, permits for single houses and two housing units declined by 6.5% and 2.2% respectively.

Total area of the building permits issued in the first quarter of 2024 amounted to 626.4 thousand square metres, up by 12,2% year on year, with non-residential buildings registering the highest annual increase of 35.2%.

According to Cystat, total value of the issued building permits in Q1 2024 amounted to €730.2 million, compared with €644.5 million in the respective period of last year, spearheaded by non-residential buildings which rose by 15.4%, while the value of the residential buildings rose by 13.5% despite the reduction in building permits issued.