The Statistical Service of Cyprus reported on Wednesday that the number of building permits issued in November 2024 fell to 487, down from 677 in November 2023. This represents a 28.1% year-on-year decrease.

Despite this monthly decline, the total value of the November permits reached €212.5 million, and the total area covered amounted to 178.9 thousand square meters. These permits are expected to result in the construction of 993 residential units.

From January to November 2024, a total of 6,442 building permits were issued, marking a 2.1% decrease compared to the same period in 2023 (6,583 permits). However, in contrast to the decline in permit numbers, the total value of the permits increased by 2.3%, and the total area covered rose by 4.1%.

Notably, the number of authorized residential units saw a 4.8% increase, indicating continued demand for housing despite the overall slowdown in permit issuance.

As of July 1, 2024, the responsibility for issuing building permits was officially transferred from municipalities and district administration offices to the newly established Local Government Organisations (LGOs). The licensing process is now managed via the digital “Ippodamos” integrated information system, introduced to streamline administrative procedures in urban planning and development.