Small increase in new construction - Far from 2019 levels

The licensing of new building projects by the relevant agencies shows a slight increase, far from the levels of 2019, reflecting the challenges facing the construction industry amid the soaring costs of raw materials.

According to Cystat data , the number of building permits issued by municipal authorities and provincial administrations in September 2023 amounted to 612. The total value of these permits reached €275.4 million and the total area 214 ,1 thousand square meters. With these permits it is planned to build 1,030 residential units.

During the period January – September 2023, 5,274 building permits were issued compared to 5,701 in the corresponding period of the previous year, marking a decrease of 7.5%. The total value of these licenses increased by 15.7% and the total area by 2.9%. The number of residential units showed an increase of 8.6%.

Compared to the first nine months of 2019, the area of ​​licensed projects shows a decrease of 11.5%.

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

On an annual basis, Famagusta and Paphos register a double-digit decrease while a decrease is also recorded in Larnaca. In Limassol, there is an annual increase of 13.5% and in Nicosia an increase of 9%.

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

Source: stockwatch.com.cy

Photo: stockwatch.com.cy