On Wednesday 2nd April the Cyprus Statistical Service published a new report on the number of building permits issued in the island state.
According to the authority, the number of permits fell to 487 (-28.1%) in November 2024, compared to 677 in the same month of 2023. The total value of these authorisations was 212.5 million euros and the total surface area reached 178.9 thousand m2. 993 residential units will be built under these permits.
Experts have noted that this trend is directly related to the transfer of powers to the new regional local government organisations (EOA). In addition, problems with the new integrated information system Hippodamus also played a role in the noticeable decrease in the volume of building permits issued in November. As a result, the processing of applications was significantly delayed.
On the other hand, 6 442 permits were issued in Cyprus in the period January-November 2024, a decrease of 2 % compared to the same period in 2023.
The total value of these permits increased by 2.3%, the total floor area by 4.1% and the number of residential units by 4.8%.
As a reminder, building permits are a leading indicator of future activity in the construction sector. On this basis, it can be concluded that the volume of construction in Cyprus is declining.