Building permits decrease in Q1, increase in value and area

Building permits fell in the first quarter of 2023 compared to the corresponding quarter of the previous year, but the total value and area of these permits increased, data released on Thursday by the Cyprus Statistical Service show.

According to the official data, during the period of January to March 2023, 1,816 building permits were issued compared to 1,951 in the corresponding period of the previous year, recording a drop of 6.9%. However, the total value of these permits increased by 6.9% and the total area increased by 6.5%. The number of residential units fell by 3.2%.

The number of building permits issued by the municipal authorities and district administrations in March 2023 increased to 673 compared to 642 in March 2022.

The total value of these permits reached €242.8 million compared to €209.7 million in March 2022, and the total area was 207.9 thousand square meters compared to 176.7 thousand square meters. These building permits provide for the construction of 876 housing units.