Building permits issued in the first three months to March declined by an annual 6.9%, but the total construction area and property value rose.
According to the latest data by the Cyprus Statistical Services, 1,816 building permits were issued during the first quarter compared to 1,951 in the same period of 2022.
The number of building permits issued by municipal and district administrations in March alone rose to 673 from 642 last year.
The number of residential units in Q1 showed an annual decrease of 3.2%. The permits issued provided for 876 dwellings.
However, simultaneously, the total value of these licenses increased by 6.9% and the total area by 6.5%.
The value of these licenses reached €242.8 mln compared to €209.7 mln last March, and the total area covered was 207,900 square meters compared to 176,700 square meters.
Limassol witnessed the greatest building activity, while Paphos and Famagusta registered a slump.
The increase in the total value of building permits also reflects increasing construction costs amid soaring inflation and supply chain disruptions.
Building permits constitute a leading indicator of future activity in the construction sector.