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25th February 2024
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HomeStatisticsApartment blocks offset decrease in total projects

Apartment blocks offset decrease in total projects

The Cyprus construction sector saw a 16.5 per cent increase in the total value of building permits during the first half of 2023, as well as a 3 per cent increase in their total area, according to a report released this week by the Cyprus Statistical Service (Cystat).

The increase in the value and total area of building permits comes despite a 7.4 per cent year-on-year decrease in their overall number.

The rise in the number of residential units is attributed solely to the increase in residential multi-unit buildings.

During the period of January to June 2023, municipal authorities and district administrations issued 3,608 building permits, down from 3,898 in the corresponding period of 2022, marking a 7.4 per cent decrease.

However, the total value of these permits increased by 16.5 per cent, and the total area increased by 3.0 per cent.

The number of residential units increased by 2.6 per cent, primarily due to a 17.6 per cent increase in residential multi-unit buildings compared to the same period in the previous year.

On the contrary, single-unit residences decreased by 9.4 per cent, duplexes by 20.9 per cent, and mixed-use multi-unit buildings by 45.2 per cent.

Specifically, in the first half of 2023, the number of permits issued for residential buildings decreased by 8.2 per cent compared to the first half of 2022.