Building permits in Cyprus recorded a decrease, in number, area and value, in the period January-August 2022, according to data published by the Statistical Service of Cyprus.
During the first eight months of 2022, a total of 5.031 building permits were issued, compared to 5.420 in the corresponding period of the previous year, recording a 4% decrease. The number of dwelling units recorded a decrease of 3.4%, dropping from 6,840 to 6,606.
The total value of these permits decreased by 2.3%, reaching €1.63 billion, compared to €1.67 billion in the same period of 2021. In total area, the decrease reached 7.7%, dropping from 1.542,426 sq. m. to 1.423,457 sq. m., while the number of dwelling units recorded a decrease of 3.4%
In August, the number of building permits authorized by the municipal authorities and the district administration offices stood at 510. The total value of these permits reached €166.4 million and the total area 146.000 sq. m. These building permits provide for the construction of 687 dwelling units.
Building permits constitute a leading indicator of future activity in the construction sector.