Construction increased - Far from 2019 levels

There is an increase in the licensing of new building projects by the competent services, according to data announced by the Statistical Service, however far from the levels of 2019.

According to the data also presented in StatWatch , the number of building permits issued by municipal authorities and provincial administrations in October 2023 reached 632. The total value of these permits reached €263.2 million and the total area the 204.1 thousand square meters. With these permits it is planned to erect 1,003 residential units.

During the period January – October 2023, 5,906 building permits were issued compared to 6,347 in the corresponding period of the previous year, marking a decrease of 6.9%. The total value of these licenses increased by 17.0% and the total area by 3.6%. The number of residential units showed an increase of 10.3%.

Compared to the first ten months of 2019, the area of ​​licensed projects shows a decrease of 18.1%.

Building permits are an important indicator of future activity in the construction sector.

On an annual basis, all cities record a decrease in the area of ​​licensed projects, except for Nicosia and Limassol.

Compared to the first ten months of 2019, all cities recorded a decrease except for Nicosia.

Source: stockwatch.com.cy

Photo: istockphoto.com