Cyprus Real Estate Marketplace

Reduction in Issued Building Permits, Yet Rise in Overall Value and Size

Despite a decline in the total number of building permits issued during January-September 2023 compared to the same period in 2022, their overall value saw an increase of 15.7%.

Furthermore, there was a 2.9% growth in the total area encompassed by these new building permits.

Data released on Wednesday by the Statistical Service revealed that in the period from January to September 2023, 5,274 building permits were granted, a decrease of 7.5% from the 5,701 permits issued in the corresponding period of the previous year.

The total value of these permits rose by 15.7%, and the aggregate area covered by them increased by 2.9%.

The number of residential units demonstrated an 8.6% increase, primarily attributed to a significant surge in permits for residential apartment buildings, which went up by 24.4%.

In contrast, other categories like detached houses, semi-detached houses, and mixed-use buildings saw declines of 12.1%, 5.3%, and 5.8%, respectively.

In September 2023 alone, the Statistical Service reported the issuance of 612 building permits. The total value of these permits stood at €275.4 million, covering an area of 214.1 thousand square meters.

These permits are anticipated to lead to the construction of 1,030 residential units.

The Statistical Service notes that building permits are a crucial indicator of future construction sector activity.

© INDX Ltd. 2023 Registered in Cyprus with Registration number HE443934.

We are not a Real Estate agency and do not operate as an Agency.