According to data released on Friday, January 12, by the Cyprus Statistical Service, 632 building permits were issued by municipal authorities and district administrations in October 2023.
The total value of these licenses amounted to €263.2 million and the total area was 204.1k m2. Under these permits - 1,003 housing units are planned.
Of these: 214 private houses, 45 duplexes, 706 residential apartment buildings, and 38 mixed apartment buildings.
In turn, between January and October 2023 - 5,906 building permits were issued in Cyprus, compared to 6,347 in the corresponding period of the previous year. The drop amounted to 6.9%. The total value of these licenses increased by 17%, the total area by 3.6% and the number of units by 10.3%.
On a year-on-year basis, between January and October 2023, an increase in the project area was recorded in two Cypriot cities, Nicosia (+9.4%) and Limassol (+10%).
In Paphos, this indicator decreased by 12.6%, in Larnaca - by 3.4%, in Famagusta - by 24%.
From January to September 2019, the area of licensed projects increased only in Nicosia (+25.5%), while it decreased in Larnaca (-13.6%), Paphos (-14.2%), free areas of Famagusta (-58.6) and Limassol (-39.6%).
Keep in mind that building permits are a leading indicator of future activity in the construction sector.