Cyprus’s construction sector showed conflicting trends in May, with the number of building permits issued falling by 14.4% compared to the same month last year. However, the total value and area of these permits surged, and they provide for the construction of a significantly higher number of new homes, according to data released Tuesday by the Statistical Service.
The Year-to-Date Trend: Fewer, but Larger Projects
The figures for May are part of a consistent trend observed throughout the first five months of 2025, indicating a shift towards fewer, but larger and more valuable, construction projects.
For the period of January to May 2025:
- The number of permits issued has decreased by 15.1% year-on-year.
- Despite this, the total value of these permits has jumped by 15.5%.
- The total area covered by the permits has increased by 15.2%.
- The number of planned dwelling units has risen by 13.2%.
A Closer Look at May’s Figures
In May 2025 alone, 607 building permits were authorized, down from 709 in May 2024. However, the total value of these projects reached €315 million, and they will facilitate the construction of 1,163 new dwelling units.
Administrative Changes
It’s noted that since July 2024, the authority for issuing building permits in Cyprus has been transferred to the newly established Local Government Organisations (LGOs). The entire licensing process is now handled through a new integrated digital information system known as “Ippodamos.”
Source: Stockwatch.com.cy