Cyprus construction declines

Cyprus construction declines

Building permits issued in Cyprus in the period January-November 2022 declined by an annual 5.4% with the total value rising by 1.2% reflecting increasing construction costs amid soaring inflation and supply chain disruptions.

According to data released by the Cyprus Statistical Service (CyStat), total building permits issued in January-November declined to 6,986 compared with 7,386 in the respective period of last year.

Permits for residential buildings declined by 8% year-on-year, dropping to 4,767 compared with 5,180, whereas permits for non-residential buildings dropped by 5.1% year-on-year to 1,088 permits compared with 1,146. Divisions of plots in January-November were down by an annual 3.8%. Civil engineering projects rose 13.9% to 475 from 417, whereas road construction rose by 22.4% year-on-year.

The total number of housing units for the period of January-November marked an annual drop of 5.1%, declining to 8,979 from 9,466 in the respective period of last year, while the total value of building permits also marked a reduction of 5.1% year-on-year, CyStat added. The total value of the building permits issued in January-November amounted to 2.28 billion euros.

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