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New home building permits up 44%

The number of new homes in Cyprus for which building permits have been issued rose by 43.8 per cent in April 2017 compared to the same period in the previous year according to the Cyprus Statistical Service.

THE NUMBER of building permits authorised in Cyprus during April 2017 stood at 410 compared with the 437 authorised during the same period in the previous year; a fall of 6.2% according to official figures released by the Cyprus Statistical Service.

The total value of these permits rose by 68.0% to €89.7 million compared to April 2016, while their total area rose by 82.9% to 87.6 thousand square metres.

During April 2017, building permits were issued for:

  • Residential buildings – 295 permits
  • Non-residential buildings – 66 permits
  • Civil engineering projects – 14 permits
  • Division of plots of land – 29 permits
  • Road construction – 6 permits

During the first four months of 2017, 1,861 building permits have been issued compared to 1,761 in the first four months of 2016.

The total value of these permits increased by 36.0% and the total area by 38.1%.

Building permits for new homes

The 295 residential building permits approved in April provided for the construction of 289 new homes comprising 173 single houses and 176 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 43.8% compared with April 2016 when permits were issued for the construction of 201 new homes.

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

Month2016
(Dwellings)
2017
(Dwellings)
Increase/
Decrease
%age
Change
January24338113856.8%
February3123837122.8%
March30641210634.6%
April2012898843.8%
Totals1,0621,46540337.9%

During the first four months of 2017, the number of new homes for which permits have been issued rose by 37.7%.

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:

    More houses being built, same number of people living there, NPLs still at the same level…

    All this means real estate market prices are going to plummet even more…

    It also means that the real estate assets held by the bank will lose even more value…

    Future looks bleak, economy wise…

    Ed: I don’t know what it’s like in the rest if the island, but in Limassol there’s a dearth of ‘ordinary’ homes being built. Much of the new building is targeting foreign investors looking to get residency.

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