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

Strong growth in home construction

THE NUMBER of building permits issued in February 2015 stood at 401 compared with the 409 issued in February last year; a fall of 2 per cent, according to figures released yesterday by the Cyprus Statistical Service.

Compared with February 2014, the total area of these permits increased by 26% to 97,685 square metres from 77,633, while their value increased 6% to €108.9 million from €102.9 million.

During February, building permits were issued for:

New home construction

The 270 residential building permits approved in February provided for the construction of 384 new homes comprising 123 single houses and 261 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

This is an increase of 68% compared with February 2014 when building permits were issued for the construction of 229 new homes.

Cyprus new home construction February 2015 vs 2014

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