Building permits dip in Cyprus

Building permits issued in Cyprus in the first half of 2023 dropped by an annual 7.4%, with the value of the permits rising by 16.5% and the total area by 3%, data released by the Statistical Service of Cyprus (CyStat) show.

For the period of January to June, the building permits authorized by the municipal authorities and the district administration offices amounted to 3,608, compared with 3,898 in the same period last year. The total value of these permits rose by 16.5% to 1.42 billion euros from €1.22 billion in the first half of 2022.

Furthermore, the total area of the issued permits rose by 3% year-on-year, while the number of dwelling units recorded an increase of 2.6% to 5,276.

Building permits constitute a leading indicator of future activity in the construction sector, CyStat said. The number of building permits in June declined to 610 from 626 in June 2022.

The total value of these permits reached €251.1 million compared with €220.5 million in June last year, while the total area, 200,500 square meters, was slightly down compared with 202,070 sq.m. in June 2022. These building permits provide for the construction of 1,141 dwelling units, CyStat added.