Cyprus embracing mixed developments and residential apartment building trend

Mixed-use developments, which have become a global trend, as they combine units for residential or hotel use with commercial and business centres, dining venues and retail stores, are gaining increasing momentum in the Cypriot market.

Indicative of the rapidly growing mixed-use development market in recent years is the rapid pace of permitting of such projects.

119.4% jump in residential units for mixed-use apartment buildings

According to CySTAT data on building permits issued in the period January-August 2024, a total of 8,095 residential units are expected to be constructed, recording an annual increase of 16.2%.

An impressive increase of 119.4% was recorded in residential units for mixed-use apartment buildings, which are expected to reach 520, based on issued building permits, compared to 237 in the corresponding period of 2023.

Residential units for residential apartment buildings also exceeded the 5,000 mark, which in fact constitute the majority of the units planned to be erected, while also recording an annual increase of 17.3%.

They increased in both value and area

On the other hand, stability was recorded in the first eight months of 2024 in residential units related to single-family homes (1,868), while the projected residential units for duplexes increased by 19.1% to 623.

Moreover, the increase in the value of building permits issued in the first eight months of 2024 for non-residential buildings is rapid, reaching 74.1%, while the increase (5.7%) in the value of building permits for residential buildings is milder.

Regarding the area of ​​building permits for non-residential buildings, an impressive annual increase of 80.1% is also recorded, while the area of ​​building permits for residential buildings increased by 7.8%.

(Source: InBusinessNews)