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More new homes in Cyprus

The number of new homes in Cyprus for which building permits have been issued increased by 1.9 per cent in September compared with the same period last year according to the Cyprus Statistical Service.

THE NUMBER of building permits authorised in Cyprus during September 2015 stood at 407, the same as the number authorised during the same period last year, according to the latest figures from the Cyprus Statistical Service.

Compared with September 2014, the total area of these permits fell 1.0% to 69,398 square metres from 70,103, while their value rose 0.1% to €78.5 million from €77.9 million.

During September, building permits were issued for:

  • Residential buildings – 228 permits
  • Non-residential buildings – 92 permits
  • Civil engineering projects – 14 permits
  • Division of plots of land – 28 permits
  • Road construction – 5 permits

During the period January – September 2015 the number of building permits authorised for both residential and non-residential projects has fallen by 0.6% to 3,693 compared with the 3,714 authorised in the same period last year. However, their value has risen by 20.6% to €764.1 million and their area has increased by 14.8% to 658,427 square metres.

New homes construction

The 228 residential building permits approved in September provided for the construction of 314 new homes comprising 127 single dwellings and 187 multiple dwelling units (such as apartments, semis, townhouses and other residential complexes).

This is an increase of 1.9% compared with September 2014 when building permits were issued for the construction of 308 new homes.

Cyprus new homes construction

During the period January – September 2015, the number of dwelling units for which building permits have been issued has risen 15.1% compared with the same period last year.

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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  • Deanna says:

    Are the Developers paying for the purchase of these plots with the money not used for paying their due Taxes?

    (Editor’s comments: We don’t know who applied for the permits – it could be architects acting on behalf of individuals or businesses (including property developers). Our architect had to apply for building permits before we could start building our house.)

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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