The number of building permits issued in Cyprus increased by 3.3 per cent year-on-year for the period of January to March 2024, with the value of these permits rising to €0.73 billion, marking a 13.2 per cent annual increase.
According to a report released on Friday from the Cyprus Statistical Service (Cystat), the total number of building permits in the first quarter of 2024 reached 1,876, compared to 1,816 in the same period last year. Residential unit permits saw a significant rise of 20.7 per cent.
Breaking down by project category, the most notable annual increase was observed in permits for civil engineering projects, which grew by 18.9 per cent.
Permits for non-residential buildings increased by 10.7 per cent, while permits for residential buildings slightly decreased by 0.6 per cent.
Additionally, there were increases in permits for road construction and land division by 11.1 per cent and 10.6 per cent, respectively.
Specifically for residential buildings, mixed-use apartment buildings saw a dramatic increase of 177.6 per cent, and residential apartment buildings grew by 32.9 per cent.
In contrast, permits for single-family houses and duplexes decreased by 6.5 per cent and 2.2 per cent, respectively.
The total area covered by the permits issued in the first quarter of 2024 amounted to 626,442 square metres, showing a 12.2 per cent increase compared to the same period last year.
The largest growth was seen in non-residential buildings, which rose by 35.2 per cent, followed by civil engineering projects at 23.5 per cent, while residential buildings increased by 6.6 per cent.
The total value of building permits issued in the first quarter of 2024 reached €730.2 million, compared to €644.9 million in the same period last year.
The largest increase was recorded in non-residential buildings with a 15.4 per cent rise, followed by civil engineering projects at 15.2 per cent.
The value of residential buildings also increased by 13.5 per cent despite the slight decrease in the number of building permits.
Conversely, the value of permits for land division and road construction decreased by 8.5 per cent and 4.2 per cent, respectively.
Building permits are a significant indicator of future activity in the construction sector.
