ECONOMY

Construction on the rise in Cyprus

Construction on the rise in Cyprus

Building permits issued in Cyprus over the first 10 months of 2021 increased 17.3% in comparison with the same period of 2020, according to data released last week by the Statistical Service of Cyprus (CYSTAT). The total area increased by 3.1% but the total value dropped by 8.2%.

From January to October 2021, a total of 6,671 permits were issued, in comparison with 5,689 during the same period of 2020, increasing by 17.3%. Housing units showed a 10.9% increase for the same period. However, the total value of the new permits decreased by 8.2%, to 2.05 billion euros, in comparison with €2.24 billion for the period of January-October 2020.

According to the data, permits increased in all districts, with the biggest increases recorded in Larnaca (38.8%) and Paphos (29.4%). New building permits increased by 12.3% in Limassol, by 10.7% in Nicosia and by 5.6% in the Famagusta region year-on-year.

Moreover, 663 new permits were issued during October 2021 by the country’s municipal authorities and district administration offices. The total value of these permits reached €186 million and the total area came to 173,700 square meters.