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February building permits dip 24 per cent

Although February saw a 24 per cent dip in the number of building permits authorised compared with February 2012, the number issued for the construction of new homes increased by one fifth.

THE NUMBER of building permits issued in February 2013 stood at 483 compared with the 633 issued in February 2012; a fall of 23.7%, according to figures released by the Cyprus Statistical Service.

However, compared with February 2012, the total area of these permits increased to 164,902 square metres from 141,435 (+16.6%), while their value increased to €196.75 million from €135.76 million (+44.9%).

During February, building permits were issued for:

  • Residential buildings – 349 permits
  • Non-residential buildings – 67 permits
  • Civil engineering projects – 27 permits
  • Division of plots of land – 36 permits
  • Road construction – 4 permits

During January and February a total of 969 building permits have been authorised; a decrease of 18.4% compared with the 1,188 issued during the same period in 2012. However, their total value has increased by 2.4% and the total area has increased by 16.9%.

New home construction

The 349 residential building permits approved in February provided for the construction of 756 new homes comprising 250 single houses and 506 multiple housing units (such as apartments and other residential complexes).

This is an increase of 20% compared with February 2012 when building permits were issued for the construction of 630 new homes.

During the first two months of 2013, the number of new homes for which permits were authorised has increased by 8.2% compared with the same period in 2012.

cyprus-home-building

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

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