In 2023, Cypriot developers will start getting permits to build apartment blocks

In just five months of 2023, 3272 building permits were issued in Cyprus, 8.4% less than in the same period in 2022. However, the value of the facilities granted building permits this year increased by 17% to €1.165 billion, while the total area increased by 3.9% to 910,368 square meters.

Between January and May 2023, 2,519 building permits were issued for public housing in Cyprus. This is 481 more than in the same period in 2022. At the same time, the number of permits issued in the free zones of Limassol and Famagusta decreased. In Nicosia, Paphos and Larnaca, the number continues to increase.

Another trend is that developers have started to abandon mixed-type multi-storey buildings (apartments plus offices or shops). Only 129 permits were issued for such buildings in the first five months (218 in the same period in 2022).

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