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Building permits decline by 5.4% in January – November 2022

10/02/2023 15:56

Building permits issued in Cyprus in the period of January – November 2022 declined by an annual 5.4% with the total value rising by 1.2% reflecting increasing construction costs amid soaring inflation and supply chain disruptions.

According to data released by the Cyprus Statistical Service (Cystat), total building permits issued in January – November 2022 declined to 6,986 compared with 7,386 in the respective period of last year.

Permits for residential buildings declined by 8% year on year dropping to 4,767 compared with 5,180, whereas permits for non-residential buildings dropped by 5.1% year on year to 1,088 permits compared with 1,146. Divisions of plots in January – November 2022 were down by an annual 3.8%. Civil engineer projects rose by 13.9% to 475 from 417 whereas road construction rose by 22.4% year on year.

Total number of housing units for the period of January – November 2022 marked an annual drop of 5.1%, declining to 8,979 from 9,466 in the respective period of last year, while total value of building permits also marked a reduction of 5.1% year on year, Cystat added.

According to Cystat’s date, the total value of the building permits issued in January – November 2022 amounted to €2.28 billion, up by 1.2% compared with €2.25 billion in the respective period of last year.

For November the number of building permits authorized by the municipal authorities and the district administration offices during November 2022 stood at 639. The total value of these permits reached €224.7 million and the total area 199.4 thousand square metres. These building permits provide for the construction of 820 housing units.

Building permits constitute a leading indicator of future activity in the construction sector.