Building permits drop, values rise

Building permits issued in Cyprus in the first half of 2023 dropped by an annual 7.4%, with the value of the permits rising by 16.5% and the total area by 3.0%, Statistical Service data shows.

For the six months of January to June, building permits authorised by the local authorities reached 3,608 compared with 3,898 in the same period last year.

The total value of these permits rose 16.5% to €1.42 bln from €1.22 bln in the first half of 2022.

Furthermore, the total area covered by the issued permits rose 3% year on year, while the number of dwelling units increased 2.6% to 5,276.

Building permits constitute a leading indicator of future activity in the construction sector.

The number of building permits in June alone declined to 610 from 626 in June 2022.

The total value of these permits reached €251.1 mln to €220.5 mln in June last year, while the total area covered was 200,500 square metres, slightly down compared with 202,070 square metres in June last year.

These building permits provide for the construction of 1,141 dwellings, Cystat added.