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Construction in Cyprus continues decline

Figures released by the Cyprus Statistical Service (CySTAT) earlier today show that investments in the island’s construction sector are continuing to decline as the economic downturn continues

THE NUMBER of building permits issued in January 2013 stood at 486 compared with the 555 issued in January 2012; a fall of 16.9%, according to the latest figures released by the Cyprus Statistical Service.

Compared with January 2012, the total area of these permits fell to 109,957 square metres from 127,078 square metres (-13.5%), while their value fell to €108.6 million from €125.4 million (-13.4%).

During January, building permits were issued for:

  • Residential buildings – 337 permits
  • Non-residential buildings –72 permits
  • Civil engineering projects – 29 permits
  • Division of plots of land – 47 permits
  • Road construction – 1 permits

New home construction

The 337 residential building permits approved in January provided for the construction of 432 new homes comprising 238 single houses and 194 multiple housing units (such as apartments and other residential complexes).

This is a fall of 7.7% compared with January 2012 when building permits were issued for the construction of 468 new homes.

Cyprus new home construction January 2013

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.

  • Andrew says:

    Maybe now is the time to stop building on heavily mortgaged land anyway. Some say things can only get better? If the report below is to be believed then I doubt that saying is true, in the case of Cyprus.

    Cost of Cyprus bailout ‘rises to 23bn euros’

  • Adrian says:

    Maybe the stock of unsold homes and resale homes will start to move, that is if anyone wants to come to Cyprus! We will then have the problem of getting clearance from the banks and tax authorities to allow the Land Registry to release the title deeds.

    The problems have not gone away, just new ones on top of the old and still no firm leadership from the new government.

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

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