Building permits up 8.5% annually in first five months of this year

07:30 - 08 August 2024

Real Estate Reporter

Building permits issued during the period January-May 2024 went up by 8.5%, according to data published by CySTAT.

According to the data, 3,254 building permits were issued compared to 2,998 in the corresponding period of the previous year.

The total value of these permits increased by 8.4% and the total area by 13.4%. The number of housing units recorded an increase of 17.1%.

In May, CySTAT notes that the number of building permits authorised by the municipal authorities and the district administration offices stood at 709.

The total value of these permits reached €271.6 million and the total area 213.8 thousand square metres. These building permits provide for the construction of 990 housing units.

Building permits constitute a leading indicator of future activity in the construction sector.

(Source: CNA)

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Building permits up 8.5% annually in first five months of this year

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