On Wednesday 7 August, 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 May 2024, municipal and district administrations issued 709 permits to local developers. The total value of these licences was 271.6 million euros and the total area was 213.8 thousand m2. These permits are for the construction of 990 residential units.
In turn, 3,254 building permits were issued in Cyprus in January-May 2024, compared to 2,998 permits in the corresponding period of the previous year.
This represents an increase of 8.5%. The total value of these permits increased by 8.4 per cent, while the total floor area increased by 13.4 per cent and the number of residential units by 17.1 per cent. Compared to the same period in 2019, the area of licensed projects increased by 7.9 per cent.
In relation to January-May 2024, an increase in the area of licensed projects was recorded in all Cypriot cities except Nicosia (-2.6%), while in the free zones of Famagusta the figure increased by 81.5%, in Paphos by 31.7%, in Larnaca by 42.7% and in Limassol by 10.4%.
Compared to January-May 2019, the area of approved projects increased in Nicosia (+56.7%), in Larnaca (+12.6%), in Paphos (+4.5%), in the free areas of Famagusta (+64.2%) and decreased in Limassol (-25.4%).
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.