The number of building permits issued in Cyprus during October 2024 fell to 470, marking a 25.6 per cent decline compared to the 632 permits issued in October 2023, according to data released by the state statistical service.

The total value of these permits reached €177.8 million, covering a total area of 147,000 square metres.

Moreover, the report showed that these permits are expected to lead to the construction of 790 residential units.

Despite the sharp decline in October, overall figures for the first ten months of 2024 showed a slight increase.

From January to October 2024, a total of 5,955 building permits were issued, compared to 5,906 in the corresponding period of 2023, representing a 0.8 per cent rise.

The total value of these permits increased by 4.3 per cent, while the total area covered grew by 6.4 per cent.

Additionally, the number of residential units approved during this period saw a 6.5 per cent increase.

A significant regulatory change took effect on July 1, 2024, when the authority to issue building permits was transferred from municipalities and district administrations to the newly established district self-government organisations (EOAs).

The licensing process is now conducted through the new integrated information system ‘Ippodamos’.