In January 2024, a slight decrease of 0.5 per cent was observed in the number of building permits issued by municipal authorities and provincial administrations, compared to the same month in 2023, as reported by the Cyprus Statistical Service (Cystat).

Moreover, the total value of these permits fell significantly by 8.3 per cent, and there was a 2.4 per cent reduction in the total area covered by these permits. Consequently, there was a noticeable decline of 11.1 per cent in the number of residential units planned.

Additionally, Cystat revealed that the number of building permits issued in January 2024 totalled 587. These permits corresponded to a total value of €221.3 million and covered an area of 198.2 thousand square meters, aiming to construct 834 residential units.

Highlighting the broader impact, Cystat emphasised that building permits serve as a crucial indicator of future activity in the construction sector.