On Tuesday 14th May the Cyprus Statistical Service released new data on the number of building permits issued in the island state.
According to the agency's report, the number of permits issued in Cyprus has increased.
In February 2024, municipal and district administrations issued 706 permits to local developers. The total value of these licences was 248.9 million euros and the total area was 202.6 thousand m2. These permits are for the construction of 919 residential units.
In turn, 1,293 building permits were issued in Cyprus in January-February 2023, compared to 1,143 in the corresponding period of the previous year.
This represents an increase of 13.1%. The total value of these permits increased by 16.9 per cent, while the total floor area increased by 14.3 per cent and the number of residential units by 13.4 per cent. Compared to the same period in 2019, the area of licensed projects increased by 40.6 per cent.
On a year-on-year basis, in January-February 2023, an increase in the area of licensed projects was registered in all Cypriot cities except Limassol (+16.5%). In the free zones of Famagusta, the number increased by 181.4%, in Paphos by 55.6%, in Larnaca by 48.3% and in Nicosia by 13%.
Compared to January-February 2019, the area of approved projects increased only in Nicosia (+118.4 per cent), Larnaca (+48.3 per cent), Paphos (+55.6 per cent) and the free areas of Famagusta (+309 per cent) and decreased in Limassol (-28 per cent).
It should be remembered that 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 increasing.