Building permits issued in Cyprus in September marked a new annual reduction with the construction sector negatively affected by spikes in construction costs, amid uncertainty generated by the war in Ukraine.
According to data released by the Statistical Service of Cyprus (Cystat), the number of building permits authorized by municipal authorities and district administration offices during September 2022 dropped to 670 compared with 761 issued in September last year.
The total value of these permits reached €226.9 million and the total area 202.8 thousand square meters, Cystat said, noting that these building permits provide for the construction of 760 housing units.
Building permits issued during the period January – September 2022 amounted to 5,701 compared with 6,008 in the respective period of last year, marking a decrease of 5.1%.
The total value of these permits decreased by 1.0% and the total area declined by a steeper 7.2%, Cystat said, adding that the number of dwelling units recorded declined by 4.9% year on year.
Building permits constitute a leading indicator of future activity in the construction sector.