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One third fewer homes in 2012

The slowdown in the islands construction sector continued in December, according to figures released by the Cyprus Statistical Service, with new home construction falling a third in 2012.

THE NUMBER of building permits issued in December 2012 stood at 471 compared with the 560 issued in December 2011; a fall of 15.9%, according to the latest figures released by the Cyprus Statistical Service.

Compared with December 2011, the total area of these permits fell to 90,437 square metres from 213,916 square metres (-57.7%), while their value fell to €124.9 million from €189.3 million (-34.0%).

During December, building permits were issued for:

  • Residential buildings – 334 permits
  • Non-residential buildings – 56 permits
  • Civil engineering projects – 36 permits
  • Division of plots of land – 41 permits
  • Road construction – 4 permits

Over the whole of 2012, 7,172 building permits were issued; a decrease of 4.4% compared with the 7,506 issued in 2011. Their total value fell by 21.0% and the total area by 33.4%.

New home construction

The 334 residential building permits approved in December provided for the construction of 404 new homes comprising 179 single houses and 225 multiple housing units (such as apartments and other residential complexes).

This is a fall of 29.5% compared with December 2011 when building permits were issued for the construction of 573 new homes.

During 2012, the number of new homes for which permits were issued dropped 33.5% compared with 2011.

cyprus_new_home_permits

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

Readers' comments

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  • Frank says:

    “During 2012, the number of new homes for which permits were issued dropped 33.5% compared with 2011.”

    Does this mean that the number of unfinished, unbought and unwanted ‘homes’ will only increase by 66.5% of the amount which might have been expected?

  • Costas Apacket says:

    Robert – perhaps they are more inscrutable than the ‘artful’ individuals who inhabit the murky Cypriot property world gave them credit for?

  • Robert Briggs says:

    So where are all these Chinese property investors who are to transform the Cyprus property scene?

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

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