In the first eight months of 2023, building permits in Cyprus saw a 7.3% decline compared to the same period in 2022, as per data released by the Cyprus Statistical Service (CyStat).
The number of permits issued dropped to 4,662 from 5,031 in the prior year, marking a notable decrease.
Despite the decrease in the number of permits, there was an overall positive trend in key indicators: the total value of the permits surged by 14.9%, the total area covered increased by 2.5%, and the number of housing units saw a rise of 5.5%.
For August 2023 alone, CyStat reported that 450 building permits were authorized by municipal authorities and district administration offices. These permits amounted to a total value of €191.3 million and covered an area of 148.6 thousand square meters, facilitating the construction of 734 housing units.