Cyprus construction sector sees surge in permits and projects

The Cyprus construction sector has seen a simultaneous increase in both the area and value of construction permits issued by municipal authorities and district administrations during the initial five months of 2023, according to a report by the state’s statistical service released on Tuesday.

For the period of January to May 2023, a total of 2,998 construction permits were granted, in contrast to the 3,272 permits issued during the corresponding period of the preceding year, reflecting a decline of 8.4 per cent.

However, the aggregate value of these permits surged by 17 per cent, accompanied by a 3.9 per cent increase in the total construction area.

The number of residential units exhibited a notable rise, increasing by a commendable 3.5 per cent.

In May alone, a total of 647 construction permits were issued, collectively valued at €255.3 million. The combined construction area for these permits amounted to 202.8 thousand square meters.

The permits in question are projected to facilitate the construction of 1,033 residential units. Among these, 216 pertain to detached houses, 44 to duplexes, 709 to residential apartment buildings, and 64 to mixed-use apartment buildings.

These construction permits serve as a significant indicator of the prospective activity within the construction industry, offering insights into its future trajectory.