More Building Permits Issued In February

In February, municipal and district authorities in Cyprus issued 706 building permits, up from just below 600 each in January and December, as reported by the Statistical Service Cystat. This brought the total number of permits for the first two months of the year to 1,293, a 13% increase from 1,143 in the same period last year.

Cystat noted that building permits are a leading indicator of future activity in the construction sector. The total value of these permits reached €248.9 million in February, covering an area of 202,600 square meters.

The permits included 919 residential buildings: 309 single or double housing units, 482 residential apartment blocks, and 118 mixed-use buildings (residential and commercial).

From January to February, the total value of permits rose by 16.9% year-on-year, from €402.05 million to €470.2 million, and the total area increased by 14.3%, from 350,662 square meters to 400,750 square meters.

The number of dwelling units also saw a 13.4% increase compared to the same period last year, rising from 1,546 to 1,703.

This data encompasses residential and non-residential buildings, as well as other construction activities such as civil engineering projects, division of plots, and road construction, across both urban and rural districts.

Source: Cyprus Property News

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