Building permits down, value up in July

09:45 - 09 October 2023

Economy Real Estate

The number of building permits issued in July, as well as the first seven months of the year, have decreased; however, their value has increased, according to CySTAT.

More specifically, the number of construction permits issued by municipal authorities and provincial administrations in July amounted to 604, marking a slight decrease compared to the 610 permits issued in June 2023.

The overall value of these permits reached €262.3m, covering a total area of 199,400 square meters. These permits are expected to lead to the construction of 959 residential units.

Despite the small decline in the number of permits from June to July, the total permit value increased by 4.5%. Additionally, the total area decreased by 0.54%, while the number of residential units showed a decline of 15.9% from June to July.

During the period from January to July 2023, 4,212 construction permits were issued compared to 4,521 during the same period the previous year, indicating a decrease of 6.8%. However, the overall value of these permits increased by 14.8%, and the total area expanded by 2.6%. The number of residential units saw a growth rate of 5.3%.

Building permits down, value up in July

News Feed

Read More