Building permits down 6% y-o-y in Jan-Nov

08:24 - 12 February 2024

Real Estate

The number of building permits issued in Cyprus in the first eleven months of 2023 dropped by almost 6% year on year, with the area and value registering annual gains, driven by increased prices in construction materials, as well as increased interest in apartment blocks.

According to data by Cystat, the number of building permits issued in the period of January – November 2023 declined to 6,583, down by 5.8% compared with 6,986 in the respective period of 2022.

The total value of these permits amounted to €2.7b, up by 17% compared with the respective period of 2022.

According to CyStat, the number of residential units for January – November 2023 amounted to 10,099, marking an annual increase of 12.5%, driven by apartment blocks which rose by 30% year on year.

Single houses in January – November dropped by 8.4% year on year, while residential/commercial blocks dropped by 16.5%.

In November, the number of building permits authorised by the municipal authorities and the district administration offices amounted to at 677.

The total value of these permits reached €255.3m and the total area €214,400 square metres, providing for the construction of 1,097 dwelling units.

Building permits down 6% y-o-y in Jan-Nov

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