Increase in Construction Activity, but Lower Than in 2019
The licensing for new building projects by authorized authorities shows an increase, according to the Statistical Service. However, it still does not reach the levels of 2019.
In October 2023, municipal and regional authorities issued 632 building permits. These permits have a total value of €263.2 million and cover an area of 204.1 thousand square meters. From these permits, builders expect to construct 1,003 homes.
During the period from January to October 2023, authorities issued a total of 5,906 permits, compared to 6,347 issued in the same period last year. This change indicates a decrease of 6.9%. Additionally, the total value of the permits increased by 17.0%, while the total area grew by 3.6%. Notably, the number of homes also rose by 10.3%. However, compared to the ten-month period of 2019, the area of authorized projects decreased by 18.1%.
Building permits serve as an important indicator of upcoming activity in the construction sector.
Annually, all cities, except Nicosia and Limassol, report a decrease in the area of approved projects. Furthermore, in relation to the ten-month period of 2019, all cities, except Nicosia, show a decline.
Discover more property news and home advice by reading our other blogs on Properush.
Relevant Article: Μπουμ στις κατασκευές, διόρθωση το 2024
Find the Greek Article HERE.
