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

Surge in new homes construction

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:

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.”