Latest Headlines

Cyprus building permit numbers up in March

Latest figures from the Cyprus Statistical Service show that building permits for the construction of 1,758 residential properties were authorised in March 2010, an increase of more than 27 percent over the same period last year.

IN A PRESS release issued earlier today, the Statistical Service (CYSTAT) announced that the number of building permits authorized by the Municipal Authorities and the District Administration Offices during March 2010 was 966, comprising:

  • Residential buildings – 733 permits
  • Non-residential buildings – 116 permits
  • Civil engineering projects – 42 permits
  • Road construction – 10 permits
  • Division of plots of land – 65 permits

Focusing on the permits issued for the construction of residential buildings, these were approved for the construction of 1,758 dwelling units – 558 single houses and 1,200 multiple housing units such as apartments. Compared to the March 2009 total of 1,318 dwelling units, this represents an increase of 27.3%.

Cyprus building permit numbers for March 2010

Source: Cyprus Statistical Service

Between January and March 2010 building permits were issued for the construction of 4,739 residential properties. Compared to the same period last year, when permits were issued for the construction of 4,553 residential units; an increase of 4.1%

According to the Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.

As we have stated previously, it is difficult to draw any conclusions from these CYSTAT figures as property developers often start construction work before the authorities have issued the building permits – even though this is illegal.

Readers' comments

Comments on this article are no longer being accepted.

  • Anna says:

    Is all this residential building for local Cypriots or foreign buyers?

    If for Cypriot nationals, well and good. If for Brits and other foreigners, there are plenty of unsold properties for them.

    We went to Tenerife last year. You should see the thousands and thousands of unsold half-built houses and apartments everywhere. Nobody is buying them.

    I hope it doesn’t all go hopelessly wrong for the ever optimistic builders in Cyprus. Acres of unsold apartments are so ugly. Where my apartment is near Larnaca the builder has still not sold all the units, yet he is busily building more just over the road. He must be very rich to afford this outlay.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

  • Text size


Back to top