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Sharp rise in new homes construction

The number of new homes in Cyprus for which building permits have been issued rose by 56.8 per cent in January 2017 compared to the same period in the previous year according to the Cyprus Statistical Service.

Sharp rise in new homes in CyprusTHE NUMBER of building permits authorised in January 2017 stood at 465 compared with the 356 authorised during the same period in the previous year; a rise of 30.6 per cent according to official figures released by the Cyprus Statistical Service.

The total value of these permits rose by 48.6% to €108.4 million compared to January 2016, while their total area rose by 27.5% to 88.4 thousand square metres.

During January 2017, building permits were issued for:

  • Residential buildings – 296 permits
  • Community residences – 2 permits
  • Non-residential buildings – 100 permits
  • Civil engineering projects – 24 permits
  • Division of plots of land – 35 permits
  • Road construction – 10 permits

Building permits for new homes

The 296 residential building permits approved in January provided for the construction of 381 new homes comprising 158 single houses and 223 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 56.8% compared with January 2016 when building permits were issued for the construction of 241 new homes.

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

Month2016
(Dwellings)
2017
(Dwellings)
Increase/
Decrease
%age
Change
January24338113856.8%
Totals24338113856.8%

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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  • sky says:

    Cyprus is heading for a real estate crash….with buildings for sale at one euro, because it will be impossible to make a profit out of them…

  • Julie says:

    What dos not make since in Cyprus is why are they still building, when so many seat not finest, and 1,000 empty house around Cyprus , there is no money to day, why don’t they constrat, on all the shops that keep closing, why is this not a top consen in Cyprus, only making the contracting company’s happy forget about everybody else, and stop ripping the x pats off, don’t you no they have seen what Cyprus has done the Internet tells all, stop building.

  • andrewm says:

    This does not make sense. Have people put their rose coloured spectacles on?

    So permits are one thing, actually following through with them is another. Perhaps a permit is hedging their bets just in case there is an upturn in the next x years-however long the permits are valid.

    What costs are in involved with permits, perhaps its worth it and to get them in early.

    Recently (sept 2016) a few holiday programs in the UK have shown house and apartments prices going very silly prices. I.e brand new Tersefanou 1 bed-never lived in, very spacious asking 50k and offering and accepting 30k facing a large and gorgeous pool. Though they never mention the recurring charges!

    Ed: A building permit is valid for one year – if substantial construction work has not started in this time a new permit needed. But the ‘crooks’ in the property game build before the receive a building permit, so there’s a good chance that some of the permits have been issued retrospectively.

    It’s also quite possible that part of the increase comes from efforts to clear the backlog of Title Deeds.

  • Deanna says:

    More good land turned into concrete…

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