In the first quarter of 2024, construction permits increased by 3.3% year-on-year, indicating future growth in the construction sector. The value of these permits rose by 13.2%, reaching €0.73 billion, according to CySTAT.

A total of 1,876 building permits were issued in the first three months of the year, up from 1,816 in the same period last year. Residential permits saw a notable increase of 20.7% year-on-year.

Breaking down the types of projects, permits for civil engineering works increased by 18.9%, non-residential buildings by 10.7%, while permits for residential buildings slightly decreased by 0.6%. Permits for roadworks and land subdivision increased by 11.1% and 10.6%, respectively.

For residential buildings, permits for mixed-use blocks of residential and commercial apartments surged by 177.6%, and permits for apartment buildings increased by 32.9% year-on-year. However, permits for single-family homes and duplexes declined by 6.5% and 2.2%, respectively.

The total area covered by building permits in Q1 2024 reached 626.4 thousand square meters, marking a 12.2% increase year-on-year, with non-residential buildings showing the largest increase at 35.2%.

CySTAT noted that the total value of issued building permits in Q1 2024 amounted to €730.2 million, up from €644.5 million in the same period last year. This increase is mainly attributed to non-residential buildings, which saw a value increase of 15.4%, while the value of residential buildings rose by 13.5% despite the decrease in the number of issued permits.