According to data released on Friday, February 9, by the Cyprus Statistical Service, 677 building permits were issued by municipal authorities and district administrations on the island in November 2023.
The total value of these licenses amounted to €255.3 million and the total area was 214.4 thousand m2. Under these permits, 1,097 housing units are planned to be built.
In turn, from January to November 2023, 6,583 building permits were issued in Cyprus, compared to 6,986 in the corresponding period of the previous year. The drop amounted to 5.8%. The total value of these licenses increased by 16.7%, the total area by 3.9% and the number of units by 12.5%.
On a year-on-year basis, between January and November 2023, Limassol (+16.6%) and Nicosia (+5.8%) recorded the largest increases in the area of licensed projects.
On the contrary, in the vacant areas of Famagusta, the figure decreased by 28%, in Paphos by 12.8%, and in Larnaca by 3.2%.
Concerning January-November 2019, the area of licensed projects increased only in Nicosia (+37.3%), while it decreased in Larnaca (-3%), Paphos (-14.2%), free areas of Famagusta (-6.4) and Limassol (-31%).
Recall that building permits are the leading indicator of future activity in the construction sector.