Cyprus has seen a 7.3 per cent reduction in the number of building permits issued during the first eight months of 2023 when compared to the same period the previous year, according to a report by the state’s statistical service.
This unexpected trend emerges amidst concurrent growth in the total value and area covered by these permits, as well as the number of residential units planned for construction under them.
According to the Cyprus Statistical Service, municipal authorities and provincial administrations granted 4,662 building permits between January and August 2023, a decrease from the 5,031 permits issued during the same period in the preceding year, representing a decline of 7.3 per cent.
However, the total value of these permits increased by approximately €248 million, marking a rise of 14.9 per cent and reaching a total of €1.50 billion.
Moreover, the overall covered area also expanded by 2.5 per cent, while there was also a significant 5.5 per cent increase in the number of residential units expected to be constructed.
In addition, during August 2023, 450 building permits were issued, with a total value of €191.3 million and a combined area of 148,600 square meters.
The report explained that these permits are expected to facilitate the construction of 734 residential units.
Finally, the Cyprus Statistical Service underscored that building permits serve as a significant indicator of future activity in the construction sector, despite the decline in their numbers.