Close to 20% jump in licensing of non-residential buildings, including large projects

The largest increase in building permits issued for all project categories during the first nine months of 2024 was recorded for non-residential buildings.

Building permits for non-residential buildings, i.e. buildings that serve, for example, commercial and industrial purposes, increased in number, value and area.

According to CySTAT data, in the period from January-September 2024, 915 building permits were issued for non-residential buildings compared to 765 in the corresponding period in 2023, recording an increase of 19.6%.

The area of ​​these permits increased by 50.7%, while their value recorded an annual increase of 48.9%, with these percentages constituting the largest percentage increases of all project categories (residential buildings, non-residential buildings, civil engineering projects).

Increase in mixed-use apartment buildings
It is noted that in the first nine months of 2024, a total of 5,485 building permits were issued compared to 5,274 in the corresponding period of 2023, marking an increase of 4%, with the total value recording an increase of 8.9% and the total area an increase of 10.6%.

With the building permits having been issued, 8,801 residential units are expected to be constructed, recording a 10% increase compared to the same period in 2023.

Regarding residential buildings, the largest increase, of 101.5%, was recorded in the period January - September 2024 in residential units related to mixed apartment buildings (552 compared to 274).

The projected residential units for residential apartment buildings stood at 5,509 compared to 4,971 in the corresponding period of 2023, recording an increase of 10.8%.

Residential units that include single-family homes (-0.3%) and duplexes (-1.2%), meanwhile, recorded a marginal decline.

(Source: InBusinessNews)