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New homes construction surges

The number of new homes in Cyprus for which building permits have been issued surged by 52.5 per cent in May 2017 compared to the same period in the previous year according to the Cyprus Statistical Service.

New homes construction surgesTHE NUMBER of building permits authorised in Cyprus during May 2017 stood at 507 compared with the 440 authorised during the same period in May 2016; an increase of 15.2% according to official figures released by the Cyprus Statistical Service.

The total value of these permits rose by 7.0% to €108.6 million compared to May 2016, while their total area rose by 28.2% to 109.9 thousand square metres.

During May 2017, building permits were issued for:

  • Residential buildings – 347 permits
  • Non-residential buildings – 99 permits
  • Civil engineering projects – 18 permits
  • Division of plots of land – 34 permits
  • Road construction – 9 permits

During the first five months of 2017, 2,368 building permits have been issued compared to 2,156 in the same period last year.

The total value of these permits increased by 28.3% and the total area by 36.2%.

Building permits for new homes

The 347 residential building permits approved in May provided for the construction of 289 new homes comprising 266 detached houses and 81 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 52.5% compared with May 2016 when permits were issued for the construction of 278 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%
May27842414652.5%
Totals1,3401,88954941.0%

During the first five months of 2017, the number of new homes for which permits have been issued rose by 41.0%.

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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  • justchris says:

    More supply should do wonders to the whole thing.

    A better indicator is this website traffic. Nigel, how do your visitors numbers stack up compared to last year? %-wise.

    Ed: Daily traffic on Tuesday thru Sunday is down a bit on last year. But visitor numbers on a Monday continue to grow as more people subscribe to my weekly newsletter, which I send out on Sunday evening.

  • Stubsy says:

    I don’t you how the permitting system works here, so forgive me if this is a silly question, but is this a TRUE reflection of new economic/building activity? I am a little sceptical because I have heard many Cypriot friends tell me stories about properties that have been built, and even lived-in, but never registered anywhere. I wonder therefore if this “surge” might somehow be related to the “cleansing” of the system, ie: large numbers of NPLs coming off the banks’ books, leading to properties being registered for the first time? Perhaps these statistics are only telling us that the correct paperwork is finally reaching the relevant departments for pre-existing properties? Happy to hear otherwise.

    Ed: Building permits are authorisations to build new residential & commercial properties, roads, etc. Generally speaking they have not been built.

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