Booming activity in Cyprus construction sector as permits and projects thrive

Cyprus's construction sector is on the rise, evident from an increase in construction permits and project values. A recent report highlights this trend, showing growth in the permit area and value issued by local authorities. This positive momentum suggests a promising future for Cyprus's construction landscape.

During the first five months of 2023, Cyprus's construction sector has seen a spectacular rise in both the area and value of construction permits authorized by municipal authorities and district administrations. This information comes from a report released on Tuesday by the state's statistical service.

From January to May 2023, a total of 2,998 construction permits were granted, a slight contrast to the 3,272 permits issued during the same period the previous year, signifying a marginal decrease of 8.4 percent.

However, this decline is overshadowed by a notable 17 percent increase in the overall value of these permits, accompanied by a steady rise of 3.9 percent in the total construction area.

Of particular significance is the prominent increase in the number of residential units, showcasing a commendable rise of 3.5 percent.

During May alone, a total of 647 construction permits were greenlit, collectively holding a valuation of €255.3 million. The cumulative construction area for these permits reached an impressive 202.8 thousand square meters.

These permits are anticipated to pave the way for the construction of 1,033 residential units. This includes 216 detached houses, 44 duplexes, 709 residential apartment buildings, and 64 mixed-use apartment buildings.

These construction permits are an important indicator of the construction industry's upcoming operations, providing vital insights into its future direction.