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New home construction in February down a third

There are still no signs of a recovery in the Island’s construction sector with the number of new residential properties authorised in February falling by a third compared with February 2011.

ACCORDING to figures released by the Cyprus Statistical Service, the number of building permits issued in February stood at 633 compared with the 699 issued in February 2011; a fall of 9.4%.

The total value of these permits reached €135.8 million and their total area 141.4 thousand square metres.

In February, building permits were issued for:

  • Residential buildings – 410 permits
  • Non-residential buildings – 131 permits
  • Civil engineering projects – 43 permits
  • Division of plots of land – 38 permits
  • Road construction – 11 permits

Over the first two months of this year, the total area of licensed projects was 268.5 thousand square metres; a fall of 27.8% on the 371.9 thousand square metres in the first two months of 2011. Similarly, the total value of these projects in January and February fell  25.7% to €261.2 million from €351.7 million in the first two months of last year.

Residential buildings

In February, the 410 permits were approved for the construction of 630 residential properties comprising 224 single houses and 406 multiple housing units (such as apartments and other residential complexes).

This is a fall of 33.0% compared with February 2011 when building permits were issued for the construction of 941 dwellings.

Source: Cyprus Statistical Service

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

Readers' comments

Comments on this article are no longer being accepted.

  • Costas Apacket says:

    I think the title ‘New Home’ should be replaced with ‘New property’ since it’s not a home unless you own it, it’s just a property.

  • Frank says:

    A more striking headline might have been:

    Two Thirds of Home Construction Survives!

    The corpse continues to evade the undertaker.

  • Janner says:

    Shocker! We didn’t see that one coming.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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