In 2023, building permits in Cyprus experienced a growth in both area, by 4.3%, and value, by 16.4%.

According to the Statistical Service, the number of building permits issued by municipal authorities and district administrations in December 2023 totaled 587. The total value of these permits reached €242.2 million, covering a total area of 203,400 square meters. These permits are expected to lead to the construction of 942 residential units.

During the period from January to December 2023, 7,170 building permits were issued, compared to 7,604 in the same period the previous year, marking a decrease of 5.7%. Despite this decrease in the number of permits, there was a significant increase in their total value by 16.4% and in their total area by 4.3%. The number of residential units showed an increase of 12.2%.

The Statistical Service notes that building permits are a crucial indicator of future activity in the construction sector.