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

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.

Read More

Demetris Skourides: RIF is the driving force behind Cyprus’ journey to becoming a major tech hub
PwC Cyprus: The Real Estate sector proved remarkably resilient in 2023
Cyprus economic growth for 2023 estimated at 2.5%
The first Women Leaders' Forum is happening soon
Century Travel opens 2025 bookings with Marella Cruises from Limassol Port
Eleni Kaloyirou: Our priority for 2024 is to stabilise and improve connectivity (video)
UDS Architects and Benoy’s Limassol Del Mar Recognised by Designboom
Agricultural land for sale by AstroBank
YOO Limassol Inspired by Starck named "Word's Best Apartment/Condominium" at International Property Awards
VTN Group acquires more real estate, announces new collaborations and activities