Construction Permits Declining in Cyprus

From January to September 2023, the total number of construction permits issued in Cyprus has decreased, but their overall value has significantly increased.

According to data published by the Statistical Service of Cyprus (Cystat), 5274 construction permits were issued in the country since the beginning of the year. This is a 7.5% decrease compared to the same period last year when the figure was 5701.

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

The number of residential units increased by 8.6%, primarily due to a substantial increase in permits for the construction of multi-family residential buildings, which grew by 24.4%.

In categories such as private houses, duplexes, and mixed residential buildings, there was a decrease of 12.1%, 5.3%, and 5.8%, respectively.

In September 2023 alone, 612 construction permits were issued, with a total value of 275.4 million euros and an area of 214.1 thousand square meters. It is projected that these permits will lead to the construction of 1030 residential units.

The Statistical Service also explained that construction permits serve as an important indicator of future activity in the real estate sector, emphasizing their role in assessing upcoming construction projects in Cyprus.