According to the latest data from the Cyprus Statistical Office (Cystat), the number of licenses issued for the construction of new buildings in the first month of 2021 has been cut in half.
Only 494 projects were approved in January.
The total value of the issued building permits reached 160.1 million euros, and the total area was 143.6 thousand m2. These licenses provide for the construction of 702 housing units in Cyprus.
Compared to the corresponding month of last year, the number of issued building permits decreased by 8.2%. The total cost of these permits decreased by 10.3% and the total area by 13.4%. At the same time, the number of housing units increased by 0.9%.
As of last year, due to the closure of the investment program and the coronavirus pandemic the Cyprus construction sector has been significantly affected.
The area of commercial buildings decreased by 35.8%, hotels - by 36.7%, and entertainment establishments - 48.1%. As for housing projects, the area of private houses decreased on average by 6.2% over the year, apartment buildings - by 2.3%, duplexes - by 3.9%, maisonettes - by 21.3%.
The overall annual decline in residential and non-residential projects was 12.6%. This is primarily due to the reduction in the number of construction permits for large projects.