THE NUMBER OF PERMITS FOR THE CONSTRUCTION OF MULTI-STORY RESIDENTIAL AND OFFICE BUILDINGS IN CYPRUS INCREASED BY 130.9%

The total value of the properties to be built based on the issued permits increased by 16.9% to €470.193 million, and the total area by 14.3% to 400.75 thousand square meters. Based on the issued permits, 1753 housing units will be constructed. This is 13.4% more compared to the number of permits issued in January-February 2023.

The explosive growth of 130.9% was demonstrated in the segment of mixed-use high-rise buildings (residential + offices + retail spaces). In the first two months of 2024, Cypriot developers received permits for the construction of 127 projects in this segment.

In other areas of residential construction, an increase in the number of permits was also recorded. Cypriot construction companies and individuals, based on permits received in January-February, plan to build 502 detached houses (an increase of 14.6%), 151 semi-detached houses (an increase of 26.9%), and 973 apartment buildings (an increase of 4.2%).

In the sector of office and commercial building construction and industrial projects, growth was also recorded. In January-February 2024, the number of permits issued increased by 16%. The total area of the projects to be built increased by 34.2%, and their value by 23.5%.