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

Construction of new homes slows

Cyprus: Construction of new homes slowsTHE NUMBER of building permits authorised in Cyprus during August 2017 stood at 410 compared with the 381 authorised during the same period last year; an increase of 7.6% according to official figures released by the Cyprus Statistical Service.

The total value of these permits reached €90.3 million and their total area reached 85.0 thousand square metres.

During August 2017, building permits were issued for:

During January to August of 2017, 3,772 building permits were issued compared to 3,434 during the same period in the previous year; an increase of 9.8%

The total value of these permits increased by 49.1% and the total area by 39.5%.

Building permits for new homes

The 302 residential building permits approved in August provided for the construction of 244 new homes comprising 142 single houses and 102 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 6.6% compared with August 2016 when permits were issued for the construction of 229 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%
August229244156.6%
Totals2,2383,05181336.3%

Construction and housing statistics

The Cyprus Statistical Service recently published Construction and Housing Statistics for years 1995 to 2016, which show the contraction of the industry in the years after the property bubble burst and the recession.

Between 2008 and 2016, constructions lost 73 per cent of their added value and although they are recovering gradually they are nowhere near the figures of a decade ago.

The number of new homes completed has yet to reach the number last seen in 1995. In 2015 the number of new homes completed reached 2,390, down by almost two thirds on the 6,891 completed in 1995. It’s worth noting that during the boom years the number of new homes completed soared reaching 18,195 in 2008.

Similarly the number of building permits authorised for the construction of new homes in 2016 stood at 3,649 compared with the 8,776 issued in 1995.

Although the construction sector has started on the long road to recovery, the journey is going to take many, many years.