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

Building permits up in December

Cyprus building permitsTHE NUMBER of building permits authorised during December 2015 stood at 433, recording an increase of 25.5% over the 345 authorised in December 2014, according to the latest figures from the Cyprus Statistical Service (CYSTAT).

Compared with December 2014, the total area of these permits rose 28.1% to 81,584 square metres from 63,668, while their value increased 159.9% to €156.0 million from €60.0 million.

During December 2015, building permits were issued for:

During 2015 the number of building permits authorised for both residential and non-residential projects rose 1.6% to 5,014 compared with the 4,993 authorised in 2014, while their value has risen by 24.7% to €1,071.4 million and their area has increased by 12.0% to 881.1 thousand square metres.

Building permits – new home construction

The 293 residential building permits approved in December provided for the construction of 255 new dwellings comprising 224 single dwellings and 69 multiple dwelling units (such as apartments, semis, townhouses and other residential complexes).

This is a reduction of 3.0% compared with December 2014 when building permits were issued for the construction of 263 new dwellings.

Building Permits Issued for the Construction of
New Homes (Number of Dwellings)

Month2014
(Dwellings)
2015
(Dwellings)
Increase/
Decrease
%age
Change
January1752042916.6%
February22938415567.7%
March19329710453.9%
April254147-107-42.1%
May2232765323.8%
June277239-38-13.7%
July19633714171.9%
August227199-28-12.3%
September30831461.9%
October271290197.0%
November239255166.7%
December 263 255-8-3%
Total2,855 3,197342 12.0%

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