articles | 14 May 2024

Cyprus building permits up — value reaches €470.19 million

Cyprus’ construction sector has shown significant growth, as evidenced by the increase in building permits issued by the municipal authorities and the district administration offices in the early months of 2024.

According to the latest data from the Cyprus Statistical Service (Cystat) released on Tuesday, the number of building permits issued in February alone stood at 706, contributing to a total of 1,293 permits granted during the January-February period. This represents a 13.1 per cent increase compared to the 1,143 permits issued in the same period last year. The total value of these permits increased by 16.9 per cent and the total area by 14.3 per cent. The number of dwelling units recorded an increase of 13.4 per cent. Moreover, the economic value of these permits illustrates substantial investment, reaching €248.9 million in February alone, and accumulating to €470.19 million over the two months. This marks a 16.9 per cent increase from the previous year. Furthermore, the total area covered by these permits also expanded significantly, amounting to 202,552 square metres in February, with a year-to-date total of 400,750 square metres—a 14.3 per cent increase over last year.

A closer look at the breakdown of projects reveals diversified growth across the sector. Specifically, residential building permits rose by 8.6 per cent in the January to February period, totalling 859 permits, compared to 791 in the previous year. This segment also saw a 9.9 per cent increase in the total area of projects, with the value of residential construction up by 17.3 per cent.

Meanwhile, non-residential buildings, which incorporate commercial and industrial projects, also showed notable growth. The number of permits in this category increased by 16.0 per cent, with the area of these projects expanding by an impressive 34.2 per cent. The financial commitment to non-residential buildings rose by 23.5 per cent. Additionally, civil engineering projects, essential for infrastructure development, experienced a significant jump, with a 48.3 per cent increase in the number of permits issued. However, there was a 24.3 per cent decrease in the value of these projects.

Lastly, the sector related to road construction and the division of plots also saw an increase, with permits for road construction rising by 17.6 per cent.

Source: Cyprus Mail

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