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Cyprus home construction nose-dives

Cyprus home construction plummeted in January, the Cyprus Statistical Service reported yesterday, with the number of permits authorised for new homes down 60 per cent compared with January last year.

THE NUMBER of building permits issued in January 2014 stood at 396 compared with the 486 issued in January last year; a fall of 19%, according to figures released earlier this week by the Cyprus Statistical Service.

Compared with January 2013, the total area of these permits declined 40% to 65,564 square metres from 109,957, while their value fell 28% to €78,586 million from €108,615 million.

During January, building permits were issued for:

  • Residential buildings – 256 permits
  • Non-residential buildings – 79 permits
  • Civil engineering projects – 20 permits
  • Division of plots of land – 38 permits
  • Road construction – 3 permits

New home construction

The 256 residential building permits approved in January provided for the construction of 175 new homes comprising 101 single houses and 74 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

This is a dramatic fall of 60% compared with January 2013 when building permits were issued for the construction of 432 new homes.

Cyprus new home construction January 2014 vs 2013

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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  • Peter Davis says:

    @Andrew

    Title deed at point of sale would be good.

    But with regard to the rest someone will have to take the loss.

    We know it won’t be the developers. They can’t afford or have spent the, money so will cease trading.

    It won’t be the banks, they want their money.

    That leaves only one group and we know who that will be.

  • Andrew says:

    Why would anyone buy a new build home without full title deeds at the point of sale.

    Issue all outstanding title deeds to people who have already bought their homes. Let the Banks sort out THEIR problems with the developers. Then maybe sales will start to pick up.

  • Deanna says:

    No surprises there then.
    Be interesting to compare these with permits given out ten years ago.

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