THE NUMBER of building permits authorised during August 2015 stood at 312 compared with the 298 authorised in August 2014; an increase of 4.7%, according to the latest figures from the Cyprus Statistical Service.
Compared with August 2014, the total area of these permits fell 12.0% to 41,428 square metres from 47,060, while their value fell 9.0% to €44.2 million from €48.5 million.
During August, building permits were issued for:
- Residential buildings – 217 permits
- Non-residential buildings – 56 permits
- Civil engineering projects – 10 permits
- Division of plots of land – 24 permits
- Road construction – 5 permits
During the first eight months of 2015 the number of building permits authorised for both residential and non-residential projects has fallen by 0.6% to 3,286 compared with the 3,307 authorised in the same period last year, while their value has risen by 21.7% to €685.7 million and their area has increased by 17.0% to 589.0 thousand square metres.
New home construction
The 217 residential building permits approved in August provided for the construction of 199 new dwellings comprising 111 single dwellings and 88 multiple dwelling units (such as apartments, semis, townhouses and other residential complexes).
This is a fall of 12.3% compared with August 2014 when building permits were issued for the construction of 227 new dwellings.
There appears to be a move away from the construction of small holiday homes and holiday apartments to residential properties, with the average area of a dwelling rising to 218.6 sqm at the end of August.
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.