According to data released on Thursday 20th September by the Cyprus Statistical Service, a record 1,528 building permits were issued by the island's municipalities and district administrations in June 2024.
The total value of these permits was €781.6 million and the total area was 594.9 thousand m2. These permits are for the construction of 2,772 residential units.
According to the authority, the significant increase in the number of new licences issued in June 2024 is largely due to the efforts of the relevant authorities to process the applications pending before them, as this authority will be transferred to the newly established district level ΕΟΑ (Επαρχιακών Οργανισμών Αυτοδιοίκησης) organisations from the first of July 2024.
In turn, 4 782 building permits were issued in Cyprus between January and June 2002, compared with 3 608 in the corresponding period of the previous year. This represents an increase of 32%.
The total value of these permits increased by 44.4%, the total floor area by 46.5% and the number of residential units by 44.4%.
On an annual basis, between January and June 2024, an increase in the area of projects was recorded in all cities of Cyprus: in Nicosia by 14.3%, in the free areas of Famagusta by 324%, in Limassol by 32.7%, in Larnaca by 107.5% and in Paphos by 65.9%.
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 continues to decline and the cost of developers' expenditure is rising against the backdrop of soaring inflation and disruptions in the supply chain.