The number of permits for the construction of new property in Cyprus has fallen significantly.
This was announced by the Statistical Service on Tuesday 20th May.
Specifically, in January 2025, regional self-government organisations (EOA) will be sued 446 licences to local developers, which is 24% less than last year's figures. The total value of the projects increased by 4.3% to €230.8 million, while the area decreased by 4.2% to 189,900 m2. On the basis of the permits issued, 838 residential buildings are planned for construction, 0.5% more than in January 2024. The slight increase was mainly driven by apartment blocks and mixed-use buildings. At the same time, private house building fell by 30.4% in January.
Looking at the figures in more detail:
- The number of residential building permits issued in January 2025 fell by 22.6%, their total area by 3.1% and their total value by 5.5%.
- The non-residential sector showed mixed dynamics. The number of permits fell by 22.7%, the total area by 7.3%, but the cost of projects increased by 22.5%.
- The situation in the civil engineering sector was also mixed. The number of authorisations fell by 22.2% and the total area by 8.1%. Nevertheless, the value of projects increased by a record 551.9%.
It is worth noting that the number of road building permits fell by 85% in January. Only land division permits remained at the same level.
Despite the decline in the total number of permits, the Cypriot construction sector is showing resilience in key segments. Investors remain interested in large infrastructure and multi-storey residential projects, while private construction and infrastructure are showing signs of slowing down.