Value of building permits up 15.7% y-o-y in first nine months of 2023

14:49 - 06 December 2023

Real Estate

Despite a drop in the total number of building permits during the first nine months of 2023, compared to the same period of 2022, their total value recorded an increase of 15.7%, and their total area went up by 2.9%.

According to data published by CyStat, during January – September 2023, 5,274 building permits were issued compared to 5,701 in the corresponding period of the previous year, recording a decrease of 7.5%.

However, the total value of these permits increased by 15.7% and the total area by 2.9%.

The number of housing units recorded an increase of 8.6%, due to a 24.4% increase in residential apartment blocks. On the contrary, single houses, buildings with two housing units and mixed residential/commercial apartment blocks recorded a decrease of 12.1%, 5.3% and 5.8% respectively.

During September 2023 the total number of new building permits stood at 612. The total value of these permits reached €275.4 million and the total area 214.1 thousand square metres. These building permits provide for the construction of 1,030 housing units.

Value of building permits up 15.7% y-o-y in first nine months of 2023

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