Cyprus' construction sector is on the road to recovery, with annual growth in building permits exceeding 13% in the first two months of 2024.
At the same time, the total floor area of projects increased by 14.3% and the total value by 16.9%. In particular, the total floor area of commercial building permits issued increased by 34.2% and that of residential building permits by 9.9%. The total value of residential building permits issued increased by 17.3% and the total value of non-residential building permits increased by 23.5%. The value of road building permits showed the highest annual increase (+50.7%), while the value of civil engineering permits decreased by 24.3%.
According to the Cyprus Statistical Service, a total of 1,293 building permits were issued in January-February 2024.
The largest percentage increases were in the number of permits issued for civil engineering (+48.3%), land division (+23.9%), road construction (+17.6%), non-residential buildings (+16%) and residential buildings (+8.6%).
As regards residential building, in the first two months of 2024 the number of permits issued for multi-family dwellings increased by 130.9% and for private buildings by 4.2% compared to the same period of the previous year. Finally, the number of dwellings in detached houses rose by 14.6% year on year and the number of dwellings in semi-detached houses by 26.9%.