The Cyprus Statistical Service (Cystat) on Monday reported a significant decline in the number of building permits issued during December 2024.

Specifically, a total of 385 permits were authorised during this time, compared to 587 in December 2023, marking a sharp reduction of 34.4 per cent.

Moreover, the total value of permits issued in December 2024 reached €181.4 million, while the total area covered amounted to 144,900 square metres.

These permits will allow for the construction of 745 new dwelling units.

Over the full year from January to December 2024, the number of building permits issued stood at 6,827, compared to 7,170 in the same period of the previous year, indicating a decrease of 4.8 per cent.

Despite the drop in the number of permits, the total area of projects approved during this period increased by 1.2 per cent, and the total value remained stable.

What is more, the number of dwelling units to be constructed saw an increase of 2.6 per cent, signalling a shift towards larger or more residentially focused developments.

The service mentioned that a major change in the permit issuance process also took effect during this period.

“It is noted that as from the July 1, 2024, the authority of issuing building permits was transferred from the municipalities and the district administration offices to the newly founded district self-governance organisations (EOAs) and the licensing process is performed through the new integrated information system Ippodamos,” Cystat said..

The transition to the new district organisations and the implementation of the Ippodamos platform is expected to modernise the building permit process, although initial disruptions may have contributed to the slowdown in December’s figures.