Construction activity in Cyprus records significant growth in the first five months of 2026

Construction activity in Cyprus saw a sharp increase during the first five months of 2026, according to data from the Statistical Service. From January to May 2026, a total of 3,650 building permits were issued, representing a 32.1% increase compared to the same period in 2025. In May alone, 735 permits were approved, marking a 21.1% rise compared to the previous year.

The overall value of these building permits reached over €2.09 billion, reflecting a significant 43.9% surge. Total project area expanded by 43.1%, reaching 1.7 million square meters. Notably, the number of projected residential units grew by 63.7% to 8,978, with residential apartment buildings leading the sector with 6,667 planned units, a 90.6% increase. Smaller segments also saw growth, including an 82.1% rise in mixed-use residential units and a 20% increase in duplex developments.

While Politis reported a total permit value of €428.2 million, Philenews data, citing the Statistical Service, indicates a much higher total valuation exceeding €2.09 billion for the five-month period. This robust performance suggests a strong expansion in the island's construction sector driven primarily by apartment-style residential developments.