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Surge in new homes construction

July saw another surge in the building of new homes with a 40.6 per cent increase in the number of building permits issued for their construction compared to the same period in 2016.

Cyprus new homes constructionTHE NUMBER of building permits authorised in Cyprus during July 2017 stood at 492 compared with the 442 authorised during the same period in the previous year; an increase of 11.3% according to official figures released by the Cyprus Statistical Service.

The total value of these permits reached €202.3 million and their total area reached 176.1 thousand square metres.

During July 2017, building permits were issued for:

  • Residential buildings – 356 permits
  • Community buildings – 1 permit
  • Non-residential buildings – 87 permits
  • Civil engineering projects – 13 permits
  • Division of plots of land – 27 permits
  • Road construction – 8 permits

During the first seven months of 2017, 3,362 building permits were issued compared to 3,053 during the same period in the previous year; an increase of 10.1%

The total value of these permits increased by 49.2% and the total area by 41.6%.

Building permits for new homes

The 356 residential building permits approved in July provided for the construction of 537 new homes comprising 259 single houses and 278 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 40.6% compared with July 2016 when permits were issued for the construction of 382 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%
July38253715540.6%
Totals2,0092,80779839.7%

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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  • steve r says:

    The developers are probably the same companies that went bust during the boom times. Our developer went into liquidation in 2010 and nothing has happened since. It has been with the receiver for the last 6 years. The case has just been shelved.

  • Jill says:

    And presumably the banks are giving out loans to these developers. As the song goes ‘when will they ever learn?’

  • Peter Davis says:

    Well, builders build that’s all they know. Even when there’s no market they have nothing else to turn to.

  • Robert Briggs says:

    Due to the gross overhang of surplus properties in Cyprus, these developers must be in their own little fantasy world, totally devoid from actual reality, eh?:)

  • Zemo Munro says:

    Maybe Cyprus should concentrate on selling its resale properties at a sensible commission rate before it continues to build new properties. Who warns prospective purchasers of new properties about the 5% commission fee (which doesn’t include VAT) when those purchasers of new property decide to sell?

  • John says:

    I find it unbelievable that new homes are being allowed to be built! – surely they should finish off the abandoned/unfinished ones that blight Coral Bay, the ones behind Crown Resorts hotel a prime example!

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