In the first eight months of 2023, Cyprus experienced a 7.3% decline in building permits compared to the same period in 2022, despite an increase in their value, total volume, and the number of housing units. 

The Cyprus Statistical Service (CyStat) reported that 4,662 building permits were granted during this timeframe, a drop from the 5,031 issued in the previous year. Building permits are recognized as a leading indicator of future activity within the construction sector, signaling upcoming developments.

Contrasting with the decrease in permit numbers, the overall value of these permits saw a 14.9% rise, alongside a 2.5% increase in total area covered. Additionally, there was a notable 5.5% increase in the number of housing units planned.

In August 2023 alone, municipal authorities and district administration offices authorized 450 building permits, culminating in a total value of €191.3 million and covering 148.6 thousand square meters. These permits will enable the construction of 734 new housing units.