October 2023 Sees Surge in Building Permits with 632 Approved

6 months ago

In a recent report published on January 12 by the Cyprus Statistical Service, the month of October 2023 witnessed a substantial uptick in construction activity, marked by the issuance of 632 building permits from municipal authorities and district administrations.

The cumulative value of these permits reached an impressive €263.2 million, covering a total area of 204.1k m2. The approved licenses are slated to accommodate 1,003 housing units, including 214 private houses, 45 duplexes, 706 residential apartment buildings, and 38 mixed-use apartment buildings.

Reviewing the broader context, the period spanning January to October 2023 recorded a total of 5,906 building permits in Cyprus, reflecting a modest decrease of 6.9% compared to the corresponding period in the previous year, which saw 6,347 permits issued. Despite this decline, the total value of the permits increased by 17%, the overall area expanded by 3.6%, and the number of approved units grew by 10.3%.

On a year-on-year basis, notable growth in project area was observed in two Cypriot cities during the January to October 2023 period—Nicosia (+9.4%) and Limassol (+10%). However, Paphos experienced a decrease of 12.6%, while Larnaca and Famagusta reported declines of 3.4% and 24%, respectively.

Contrasting these figures with those from January to September 2019, the data reveals an increase in the project area exclusively in Nicosia (+25.5%), while other regions such as Larnaca (-13.6%), Paphos (-14.2%), the free areas of Famagusta (-58.6%), and Limassol (-39.6%) witnessed declines.

It's crucial to note that building permits serve as a leading indicator for future activities within the construction sector, making these statistics pivotal for forecasting industry trends and developments.

Source: stockwatch.com.cy