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Tremors in construction, permits for houses and apartment buildings are running low

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With prices of building materials hitting their highest level since 1986 in January and amid delivery delays or project suspensions, shocks in construction are reflected in the official statistics.

Last year, 7,604 building permits were issued compared to 8,164 in 2021, recording a decrease of 6.9%, while a similar decrease of 6.3% was observed in the number of residential units expected to be built (9,842).

Fewer single-family houses or multi-family houses
Based on the data of the Statistical Service for building permits issued in the period January – December 2022, the number of single-family houses expected to be built fell 11.1% to 3,157 from 3,553 in 2021. In terms of residential multi-family housing, the number of units fell 4.5% in 2022 to 5,341 from 5,590 in 2021.

A 9% decrease was also recorded in the number of planned mixed apartment buildings (394 in 2022 from 433 in 2021).
Conversely, a slight increase of 2.2% was observed in the number of duplexes, which reached 950 in 2022 in compared to 930 in 2021.

Construction under pressure
The pressures on the construction sector are evident and from the decline in the number of building permits for residential buildings which fell by 9.4% to 5,210 compared to 5,753 in 2021.

In non-residential buildings, permits fell by 7.5% to 1,160 in 2022 compared to 1,254 in 2021. The area of ​​residential buildings is also lower, with 1,806,617 sq.m. in 2022 compared to 1,999,466 sq.m. in 2021, registering a decrease of 9.6%.

The value of residential buildings also decreased by 6.8%, which from €2 billion in 2021 falling to €1.9 billion in 2022.

source: InBusiness News

Source: 24h.com.cy

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