Building permits in Cyprus up 8.5 per cent in first five months of 2024

Building permits issued in Cyprus increased by 8.5 per cent during the period from January to May 2024, compared to the same period in 2023, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat). Specifically,

By: cyprus-mail.com

Aug 07 2024
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Building permits in Cyprus up

Building permits issued in Cyprus increased by 8.5 per cent during the period from January to May 2024, compared to the same period in 2023, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat).

Specifically, the service reported that a total of 3,254 permits were issued during this period, up from 2,998 in the corresponding period of the previous year.

Moreover, the total value of these permits rose by 8.4 per cent, while the total area covered increased by 13.4 per cent.

The report also showed that the number of residential units saw a significant rise of 17.1 per cent.

For the month of May alone, the statistical service reported that 709 building permits were issued by municipal authorities and district administrations.

These permits represent a total value of €271.6 million and cover a total area of 213,800 square metres.

In addition, the permits issued in May are expected to result in the construction of 990 residential units.

Finally, it should be noted that building permits are considered a key indicator of future activity in the construction sector.