Cyprus witnessed a contrasting trend in construction permits during the January to September 2023 period, with a reduction in the total number of licenses issued but a significant increase in their collective value.

According to data published by the Cyprus Statistical Service (Cystat) on Wednesday, 5,274 construction licenses were issued, compared to 5,701 permits during the same period in 2022, marking a 7.5 per cent decrease.

However, the total value of these licenses escalated by 15.7 per cent, and the overall surface area increased by 2.9 per cent.

The residential unit count surged by 8.6 per cent, primarily due to a substantial rise in permits for residential multi-apartment buildings, soaring by 24.4 per cent.

On the other hand, other categories such as single-family houses, duplexes, and mixed residential buildings experienced declines of 12.1 per cent, 5.3 per cent, and 5.8 per cent, respectively.

In September 2023 alone, 612 construction licenses were issued, totalling €275.4 million in value and covering an area of 214.1 thousand square meters. These licenses are projected to result in the construction of 1,030 residential units.

Finally, the Statistical Service explained that construction permits serve as a significant indicator of future activity in the real estate sector, underscoring their role in gauging forthcoming construction projects in Cyprus.