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New home construction slows

The number of new homes being built in Cyprus continued to decline in May with building permits issued allowing for the construction of 223 dwellings compared with 308 during May 2013.

THE NUMBER of building permits authorised in May 2014 stood at 460 compared with the 380 authorised in May last year; an increase of 21.1%, according to figures released by the Cyprus Statistical Service.

However, compared to May 2013, the total area of these permits fell by 10% to 66,760 square metres from 74,157, while their value fell 42% to €62.5 million from €107.8 million.

During May, building permits were issued for:

  • Residential buildings – 322 permits
  • Non-residential buildings – 82 permits
  • Civil engineering projects – 17 permits
  • Division of plots of land – 26 permits
  • Road construction – 13 permits

Building permits for new home construction

The 322 residential building permits authorised in May provided for the construction of 223 dwelling units comprising 139 single houses and 84 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

This is a drop of 28% compared to May 2013 when building permits were issued for the construction of 308 dwelling units.

new home construction Cyprus May 2014

Year to date

During the first five months of 2014, a total of 2,097 building permits were authorised; a fall of 8.2% compared with the 2,285 permits authorised during the same period last year. The total value of these permits has fallen by 38%, while their total area has also fallen by 38%.

During the same period the number of dwelling units has fallen 48.8%.

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

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