Building permits dropped 12.8% y-o-y in September last year

09:39 - 22 March 2023

Real Estate

There was a 12.8% decline in the number of building permits issued in September 2022 compared with the same month the previous year, with the total area dropping 3.8% yet value increasing by 10%, according to the Danos Cyprus Real Estate Market Report for the 2nd Semester of 2022.

The number of building permits authorised in Cyprus during September 2022 stood at 670. The total value of these permits reached €226.9 million and their total area 202,800m2. These permits provided for the construction of 687 dwelling units.

“Building permits and the construction sector in general is being impacted by increasing prices of construction materials, the effects of the war in Ukraine and inflation (that stood at 9% at the end of September),” says the report.

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