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

New home building permits up 93 per cent

New homes in CyprusTHE NUMBER of building permits authorised in Cyprus during November 2017 stood at 474 compared with the 550 authorised during the same month in 2016; a fall of 13.8% according to official figures released by the Cyprus Statistical Service.

However, the total value of these permits rose by 172.0% to reach €308.7 million compared to November 2016, while their total area rose by 124.9% to reach 225.7 thousand square metres.

During November 2017, building permits were issued for:

During the first eleven months of 2017, 5,291 permits were issued compared to 4,900 in the first eleven months of 2016; an increase of 8.0%. The total value of these permits has increased by 52.6% and the total area by 45.1%.

Building permits for new homes

The 329 residential building permits approved in November 2017 provided for the construction of 658 new homes (dwellings). These comprised 184 single houses (compared with 258 in November 2016) and 474 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 83 in November 2016); an overall increase of 93.0% compared with November 2016 when permits were issued for the construction of 341 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%
September2893627325.3%
October38454315941.4%
November34165831793.0%
Totals3,2524,6141,36241.9%

During the first eleven months of 2017, the number of new homes for which permits have been issued rose by 41.9% to reach 4,614.

Of those 4,614 new homes, 1,766 are being built in Limassol, 1,270 in Nicosia, 711 in Paphos, 601 in Larnaca and 266 in Famagusta.

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