Building permits increase both in area (3.9%) and value (17%) in May

12:36 - 08 August 2023

Real Estate Reporter

The number of building permits authorised by the municipal authorities and the district administration offices during May 2023 stood at 647, according to data announced by CySTAT.

According to the same data, the total value of these permits reached €255.3 million and the total area 202,800 square metres, providing for the construction of 1,033 dwelling units.

"During the period January – May 2023, 2,998 building permits were issued compared to 3,272 in the corresponding period of the previous year, recording a decrease of 8.4%. The total value of these permits increased by 17% and the total area by 3.9%. The number of dwelling units recorded an increase of 3.5%," CySTAT said, adding that "Building permits constitute a leading indicator of future activity in the construction sector."

Building permits increase both in area (3.9%) and value (17%) in May

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