Βuilding activity in Cyprus showed strong momentum in the first eight months of 2024, with construction permits climbing 8.6% compared to the same period in 2023. However, August painted a different picture, with permits plunging by 59.3% year-on-year, largely due to technical challenges linked to the new Ippodamos information system.
According to the Statistical Service of Cyprus (CyStat), only 183 building permits were issued in August 2024, a stark drop from 450 in August 2023. The approved permits represented a total value of 87.4 million euros and spanned 66,200 square meters, covering plans for 323 new housing units.
Despite the summer slowdown, the January-August 2024 period showcased notable growth. A total of 5,062 permits were granted, up from 4,662 in the corresponding period of 2023, reflecting an 8.6% increase. The total value of these permits soared by 16.3%, while the total construction area expanded by 18%. Housing units also saw a significant boost, rising by 16.2%.
The August decline has been attributed to the transfer of permitting authority on July 1 from municipalities and district administration offices to newly formed local government organizations.