Cyprus Sees 7.3% Drop in Amidst Positive Growth Trends

In the first eight months of 2023, Cyprus observed a 7.3% decline in issued building permits compared to the previous year. Despite this, there's an unexpected positive trend in the total value and area covered by these permits, as well as in the planned residential units.

Between January and August 2023, 4,662 building permits were granted, down from 5,031 in the same period last year. However, the total value of permits increased by 14.9% to €1.50 billion, and the covered area expanded by 2.5%. Additionally, there was a notable 5.5% increase in the number of expected residential units.

In August 2023 alone, 450 permits were issued, valued at €191.3 million, covering 148,600 square meters and paving the way for 734 residential units.

While the decline in the number of permits is noteworthy, the Cyprus Statistical Service highlights that these permits remain a key indicator for future construction sector activity.