(KNEWS) – According to data provided by the Statistical Service of Cyprus, the number of building licences issued in Cyprus during the first half of 2023 decreased on an annual basis by 7.4%, despite increases in the permit values of 16.5% and the total area of 3.0%.
The number of building licences approved by the municipal authorities and the district administration offices from January to June was 3,608, down from 3,898 during the corresponding period of the previous year.
Compared to the first half of 2022, when the total value of these permits was €1.22 billion, it increased by 16.5% to €1.42 billion.
Additionally, the overall permit area increased by 3% annually, while the total number of dwelling units increased by 2.6% to 5,276.
According to Cystat, the issuance of building licences is a key predictor of future activity in the construction industry.
Furthermore, from 626 in June 2022 to 610 in June 2018, less building permits were issued.
While the overall area of these licences was 200,5 thousand square metres, a tiny decrease from 202,07 thousand square metres in June of last year, the total value of these permits came to €251.1 million as opposed to 220.5 million in June of last year.
According to Cystat, these building licences allow for the construction of 1.141 residential units.
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