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Cyprus

Building permits decline in first seven months

building permits construction

The first seven months of the year saw a considerable decline in the value and surface area of premises for which building permits were granted.

According to data released by the Statistical Service (CyStat), 3,893 building permits were issued from January to July this year, compared to 4,136 permits in the same period in 2019.

The total real estate value of these permits was 22.3 per cent lower, while the total surface area fell by 7.5 per cent.

However, the number of permits issued for residential units – a sub-group of the total – went up by 1.6 per cent.

CyStat said building permits constitute a major indicator for future trends in the construction sector.

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