- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Construction at record low

REFLECTING the on-going crisis in the construction sector a total of 4,493 building permits were issued in Cyprus during 2014, a fall of 7.6% compared to 2013. The total value of these permits fell 24.7%, their total value fell 24.7%, while the number of new homes fell 31.1%.

In December 2014 a total of 345 building permits were authorised, a fall of 12.4% on the number issued in the same period the previous year. The total value of these permits fell 13.5%, while their total area fell 5.2%.

In December 2014, building permits were issued for:

New home construction

The 233 residential building permits authorised in December provided for the construction of 263 dwellings comprising 134 single houses and 129 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

Cyprus new home construction

Annual performance

During 2014 a total of 3,363 building permits were authorised for the construction of new homes, a fall of 9.0% compared to 2013 when 3,699 permits were issued. The total value of these permits fell 24.7%, their total area fell 24.9% and they provided for the construction of 31.1% fewer homes.

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