Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 15th July 2020
Home Property Statistics Building permits fell in April as construction slowed

Building permits fell in April as construction slowed

FIGURES released today by the Cyprus Statistical Service show that 560 building permits were authorised by the Municipal Authorities and the District Administration Offices in April 2011.

Compared with the 668 building permits authorised in April 2010, this reflects a fall of 16.2% over last year.

In April 2011, building permits were issued for:

  • Residential buildings – 391 permits
  • Non-residential buildings – 92 permits
  • Civil engineering projects – 20 permits
  • Division of plots of land – 51 permits
  • Road construction – 6 permits

The total value of these permits reached €157.0 million and the total area 174.7 thousand square metres.

During the period January to April 2011, 2,637 building permits were issued; a fall of 14.0% compared to the same period last year. The total value of these permits fell by 24.0% and their total area fell by 27.8%.

Residential buildings

Focusing on the 391 permits issued for the construction of residential buildings, these were approved for 611 dwelling units – 311 single houses and 300 multiple housing units such as apartments and other residential complexes.

Compared to the April 2010 total of 1,176 dwelling units, this represents a fall of 48% and an overall year-to-date fall of 40.2%.

Source: Cyprus Statistical Service

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

3 COMMENTS

  1. Maybe now is the time to start work on overhauling the whole property market and legal system as suggested earlier.

Comments are closed.

WEATHER FORECAST

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1017
RUB
0.0123
CNY
0.1253
CHF
0.9328

TOP STORIES

COVID-19 hits new homes in Cyprus

Permits for the construction of new homes in Cyprus fell by more than a half during April; the second month during which the COVID-19 containment measures continued to apply.

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)