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Building permits slump

Uncertainty in the Cyprus construction industry continues with the awaited signing of the island’s bailout agreement with international lenders and an indefinite strike by construction workers.

THE NUMBER of building permits issued in November 2012 stood at 554 compared with the 601 issued in November 2011; a fall of 7.8%, according to the latest figures released by the Cyprus Statistical Service.

Compared with November 2011, the total area of these permits fell to 143,762 square metres from 153,763 square metres (-6.5%) but their value increased marginally to €148.2 million from €145.1 million (+2.1%).

During November, building permits were issued for:

  • Residential buildings – 378 permits
  • Non-residential buildings – 90 permits
  • Civil engineering projects – 49 permits
  • Division of plots of land – 33 permits
  • Road construction – 4 permits

During the period January – November 2012, 6,701 building permits were issued; a decrease of 3.5% compared to the number issued in the same period in 2011. Their total value fell 19.6% and their total area fell by 30.9%.

New home construction

The 378 residential building permits approved in November provided for the construction of 565 new homes comprising 167 single houses and 398 multiple housing units (such as apartments and other residential complexes).

This is a fall of 1.2% compared with November 2011 when building permits were issued for the construction of 572 new homes.

During the first eleven months of 2012, the number of new homes for which permits have been issued has dropped 33.8% compared with the same period in 2011.

Cyprus new home construction November 2012

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

Readers' comments

Comments on this article are no longer being accepted.

  • Janner says:

    Have the government ever answered the question as to why they don’t want to collect the reported €1.3 billion in property taxes?

  • Adrian says:

    Not a problem! what they have to do is finish off all the existing projects, tidy up the rubbish lying around, sell them in an ethical manner. The land registry will catch up the government will get loads of money in transfer fees, job done!!

    Have I missed something.

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