Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 30th September 2020
Home Property Statistics Construction sector investment retreats

Construction sector investment retreats

THE NUMBER of building permits issued in September 2012 stood at 604 compared with the 648 issued in September last year; a fall of 6.8%, according to the latest figures released by the Cyprus Statistical Service.

Compared with September 2011, the total area of these permits fell to 116,300 square metres from 219,492 square metres (-47%) and their value fell to €135.1 million from €187.8 million (-28%).

During September, building permits were issued for:

  • Residential buildings – 327 permits
  • Non-residential buildings – 74 permits
  • Civil engineering projects – 171 permits
  • Division of plots of land – 29 permits
  • Road construction – 3 permits

During the period January – September 2012, 5,365 building permits were issued; a decrease of 6.7% compared to the number issued in the same period last year. Their total value fell 24.0% and their total area fell by 33.2%.

New home construction

The 327 residential building permits approved in September provided for the construction of 491 new homes comprising 200 single houses and 291 multiple housing units (such as apartments and other residential complexes).

This is a fall of 47% compared with September 2011 when building permits were issued for the construction of 932 new homes.

During the first nine months of 2012, the number of new homes for which permits have been issued has dropped 37.2% compared with the same period last year.

Cyprus new home construction September 2012

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

5 COMMENTS

  1. When we asked our Developer and Architect about 3 years ago for the reference number of our planning application, so that we could progress chase this at our District Lands Office, we were eventually provided with a reference number which was prefixed with ‘AX’ and suffixed with /08.

    What a lot of people do not recognise is that the suffix of /01; /02; /03 relates to the year in which the planning application was submitted.

    We were then given the now customary run around by the DLO and told the application could be in one of a multitude of statuses and departments including Cartography, Local Enquiries, etc, etc.

    We now have the very rare lesser spotted Certificate of Final Approval.

    Hurrah! We thought, now we’re cooking on gas!

    Unfortunately our Lawyer now tells us that the original AX /08 number was only for the overall Land and Roadways for the project, etc and that now we have another ‘AX’ planning reference number which ends in /12, which is for the split of the land into individual plots to allow the Individual Title Deeds to be issued.

    So we progress chased this new planning reference number with our DLO, and guess what?

    Yes, you’ve got it, the new planning number has got to go through all of the stages, Cartography, etc, that the original planning number had to go through yet again!

    Talk about creating a crystal maze in which thousands of jobs for the under-worked masses lurk!

    A black hole, indeed, where everything goes in and nothing emerges any-time soon!

  2. Obviously the “spin” put out by various government agencies has just been confirmed as just so much hot air.
    It would be interesting to know how far the permits are down from 2008!!

  3. It’s a good job that the Chinese and Russians are investing so heavily in Cypriot property as extensively reported by the merchants of Paphos.

    But seriously, with the input workload of the District Lands and Planning offices down by 37% I am not aware of the ‘slack’ being taken up by a corresponding increase in the output of Title Deed Transfers.

    Maybe they should focus the Hubble space telescope onto Cyprus to view the extraordinary phenomena of black holes existing in each district?

  4. How interesting! This despite the recent report highlighted on these pages which suggested that Cyprus had gone back into the top ten rankings as a popular destination for those looking to invest in overseas property! Where are these people then? Maybe they’ve seen sense and gone elsewhere! It would certainly seem so!

Comments are closed.

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