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Cyprus construction activity may be improving

Although the number of building permits issued in Cyprus fell slightly compared to August last year, both their value and the number of residential properties for which permits were issued increased.

THE NUMBER of building permits issued in August 2012 stood at 477 compared with the 478 issued in August last year; a small decrease of 0.2%, according to the latest figures released by the Cyprus Statistical Service.

Compared with August 2011, the total area of these building permits decreased from 130,118 square metres to 97,744 square metres (-25%), however, their value increased from €113.7 million to €125.7 million (11%).

During August, building permits were issued for:

  • Residential buildings – 293 permits
  • Non-residential buildings – 75 permits
  • Civil engineering projects – 73 permits
  • Division of plots of land – 33 permits
  • Road construction – 3 permits

During the period January – August 2012, 4,761 building permits were issued; a decrease of 6.7% compared to the number issued in the same period last year, while the total value of these permits fell by 23.4% and their total area fell by 31.1%.

New home construction

The 293 residential building permits approved in August provided for the construction of 422 new homes comprising 233 single houses and 189 multiple housing units (such as apartments and other residential complexes).

This is an increase of 5% compared with August 2011 when building permits were issued for the construction of 403 new homes.

During the first eight months of 2012, the number of new homes for which permits have been issued has dropped 35.7% compared with the same period last year.

Cyprus new homes August 2012

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

Readers' comments

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  • Costas Apacket says:

    I’m starting to believe that Pinocchio is alive and well and working as a statistician in Cyprus! LOL!

  • johnno says:

    And the band played “Believe it if you like.”

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