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New home construction plummets

Today’s figures from the Cyprus Statistical Service reveal that the number of building permits authorised in June for the construction of new homes fell sharply compared with the number authorised in June 2012.

THE NUMBER of building permits issued in June 2013 stood at 416 compared with the 618 issued in June 2012; a fall of 33%, according to figures released by the Cyprus Statistical Service earlier today.

Compared with June 2012, the total area of these permits fell to 63,687 square metres from 134,085 (-53%), while their value decreased to €64.621 million from €126.585 million (-49%).

During May, building permits were issued for:

  • Residential buildings – 277 permits
  • Non-residential buildings – 72 permits
  • Civil engineering projects – 31 permits
  • Division of plots of land – 32 permits
  • Road construction – 4 permits

During the first half of 2013 a total of 2,701 building permits have been authorised; a drop of 26% compared with the 3,671 permits issued in the first half of 2012. Their total value fell by 17% and their total area fell by 25%.

New home construction

The 277 residential building permits approved in June provided for the construction of 197 new homes comprising 121 single houses and 76 multiple housing units (such as apartments and other residential complexes).

This is a fall of 62% compared with June 2012 when building permits were issued for the construction of 523 new homes.

During the first half of 2013, the number of new homes for which permits were authorised has fallen by 23% compared with the first half 2012.

Cyprus new home construction June 2013

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

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