Building permits dip 5.8 per cent in 2023

By Rony Junior El Daccache

Building permits decreased by almost six per cent in Cyprus between January and November last year, the statistic services reported on Friday.

The number of permits amounted to 6,583 compared to 6,989 in the same period the year before, decreasing by 5.8 per cent.

Decreases affected residential buildings by five per cent, non-residential buildings by 12 per cent, and civil engineering projects by 19.6 per cent.

Meanwhile, plot division and road construction showed increases of 12.3 per cent and 14.3 per cent respectively.

Despite a decrease in permits, the total value stood at €2.7 billion compared to €2.28 billion prior, an increase of 17 per cent.

This increased the value of residential buildings by 26 per cent and civil engineering projects by 18 per cent but decreased non-residential buildings by 26 percent.

Apartment blocks showed an increase of 30 per cent, while single-family homes decreased by 8.4 per cent and duplex homes decreased by 4.2 per cent and residential/commercial blocks decreased by 16.5 per cent.

A total of 677 permits were issued in November 2023 alone, valuing at €255.3 million and spanning 214.4 thousand square metres, which provide for the construction of 1,097 residential units.