The number of building permits issued in Cyprus decreased by 5.8% in the first 11 months of 2023 compared to the same period in 2022, according to data published by the Statistical Service of Cyprus.
The decrease was mainly due to a decline in permits issued for the construction of residential buildings (5%), non-residential buildings (12%), and civil engineering projects (20%).
However, there were increases in the number of permits issued for road construction (14.3%) and land development (12.3%).
The total value of construction increased by 17% in the first 11 months of 2023 compared to 2022, reaching €2.7 billion.
This increase was mainly due to the rise in the cost of construction of residential buildings (26%) and civil engineering projects (18%).
The cost of construction of non-residential buildings decreased by 26%.
There was a significant increase in the number of permits issued for the construction of apartment buildings (30%).
At the same time, there was a decrease in the number of permits issued for the construction of single-storey (8.4%) and two-storey (4.2%) private houses.
In November 2023, 677 permits were issued for the construction of residential/commercial blocks with a total value of €255.3 million.
These permits will allow for the construction of 1,097 dwelling units with a total area of 214,400 square meters.
The decrease in the number of building permits issued in Cyprus in 2023 could be due to a number of factors, including:
- The economic crisis in Cyprus
- The increase in the cost of construction materials
- The strict regulations governing the construction industry in Cyprus
Despite the decrease in the number of building permits issued, the total value of construction increased in 2023. This suggests that the demand for construction remains strong in Cyprus.
The increase in the number of permits issued for the construction of apartment buildings is likely due to the growing demand for affordable housing in Cyprus.
The decrease in the number of permits issued for the construction of single-storey and two-storey private houses could be due to the rising cost of construction materials and the strict regulations governing the construction industry in Cyprus.
