On Wednesday, April 10, the Cyprus Statistical Service published the latest data on issued permits for the construction of real estate in the island state.
According to the report of the agency, the number of licenses in Cyprus continues to decline.
Thus, in January 2024, municipal authorities and district administrations issued 587 permits to local developers. The total value of these licenses amounted to €221.3 million and the total area to 198.2 thousand m2. According to these permits, 834 housing units are planned to be built.
Compared to the corresponding month of the previous year, the number of issued building permits decreased by 0.5%. The total value of these licenses decreased by 8.3% and the total area decreased by 2.4%. The number of residential units showed a decrease of 11.1%.
Recall that building permits are an important indicator of future activity in the construction sector.
Note that the area of licensed projects across Cyprus showed an increase of 4.3% in 2023 to 2294.9 million m2 from 2199.2 million m2 in 2022. Relative to 2019, when the area of licensed projects reached 2,585.8 million m2 (-11.2%). In 2014, the area of licensed projects fell to a record low.