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

New home building permits up in June

New home building permitsTHE NUMBER of building permits authorised in Cyprus during June 2017 stood at 502 compared with the 445 authorised during the same period in the previous year; an increase of 12.8% according to official figures released by the Cyprus Statistical Service.

The total value of these permits rose by 57.9% to €141.2 million compared to June 2016, while their total area rose by 11.1% to 101.5 thousand square metres.

During June 2017, building permits were issued for:

During the first half of 2017, 2,870 building permits were issued compared to 2,611 in the first half of 2016; an increase of 9.9%

The total value of these permits increased by 33.7% and the total area by 31.1%.

Building permits for new homes

The 367 residential building permits approved in June provided for the construction of 381 new homes comprising 206 single houses and 175 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 32.8% compared with June 2016 when permits were issued for the construction of 287 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%
June2873819432.8%
Totals1,6272,27064339.5%

During the first half of 2017, 2,870 building permits were issued compared to 2,611 in the first half of 2016. The total value of these permits increased by 33.7% and their total area by 31.1%. The number of new homes rose by 39.5%.

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