Despite a notable drop in the number of building permits issued during the first quarter of 2025, Cyprus recorded a sharp increase in both the overall value and volume of planned construction, according to data released by the Statistical Service and reported by Cyprus Property News.
Between January and March 2025, a total of 1,580 building permits were granted—down 15.8% from the 1,876 permits issued during the same period in 2024. However, this decline in permit numbers did not reflect a slowdown in development activity.
Rise in Construction Value and Housing Units
The total value of approved permits surged by 21.7%, while the total construction area also climbed by 15.6%. In terms of residential development, the number of dwelling units increased by 16.7%, indicating a shift toward larger or higher-value projects despite fewer individual permits.
March 2025 Snapshot
Zooming in on monthly figures, 572 permits were issued in March 2025, marking a slight 1.9% decline compared to 583 permits granted in March 2024. Nonetheless, these March permits corresponded to €361.5 million in construction value and covered 296,900 square metres.
These approvals allow for the development of 1,480 new housing units, reflecting ongoing momentum in the residential sector.
Source: Cyprus Property News
