Building permits drop by an annual 7% in January-October 2023

The number of building permits issued in Cyprus in the period of January – October 2023 dropped by 6.9% year on year with the value and area of these permits recording annual increase, driven by rising prices for construction material but also by increasing duelling units.

According to data released by the Statistical Service of Cyprus (Cystat) for the period of January – October, building permits issued by the municipal authorities and the district administration offices declined to 5,906 compared with 6,347 in the respective period of last year, marking a drop of almost 7% year on year.

The reduction was driven by the annual decline in permits for residential buildings with 6.5%, non-residential buildings with 14.2% and by civil engineering projects with 19%.

However, the value of these permits rose by 17%, driven by the increases in the value of building units with 23%, civil engineering projects with 35% and division of plots with 1.3%, Cystat added.

The total area of these building permits rose by 3.6% year on year, driven mainly by the annual increase in the total area of residential units.

According to Cystat, the number of dwelling units in January – October 2023 rose by 10.3% year on year, driven by the increase of 26.4% recorded in the number of residential in apartment blocks.

In October 2023, the number of building permits authorized by the municipal authorities and the district administration offices during October 2023 stood at 632.

The total value of these permits reached €263.2 million and the total area 204.1 thousand square metres, while the permits provide for the construction of 1,003 dwelling units.