Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday 11th August 2020
Home Property Statistics Construction in Cyprus continues decline

Construction in Cyprus continues decline

THE NUMBER of building permits issued in January 2013 stood at 486 compared with the 555 issued in January 2012; a fall of 16.9%, according to the latest figures released by the Cyprus Statistical Service.

Compared with January 2012, the total area of these permits fell to 109,957 square metres from 127,078 square metres (-13.5%), while their value fell to €108.6 million from €125.4 million (-13.4%).

During January, building permits were issued for:

  • Residential buildings – 337 permits
  • Non-residential buildings –72 permits
  • Civil engineering projects – 29 permits
  • Division of plots of land – 47 permits
  • Road construction – 1 permits

New home construction

The 337 residential building permits approved in January provided for the construction of 432 new homes comprising 238 single houses and 194 multiple housing units (such as apartments and other residential complexes).

This is a fall of 7.7% compared with January 2012 when building permits were issued for the construction of 468 new homes.

Cyprus new home construction January 2013

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

2 COMMENTS

  1. Maybe the stock of unsold homes and resale homes will start to move, that is if anyone wants to come to Cyprus! We will then have the problem of getting clearance from the banks and tax authorities to allow the Land Registry to release the title deeds.

    The problems have not gone away, just new ones on top of the old and still no firm leadership from the new government.

Comments are closed.

WEATHER FORECAST

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1113
RUB
0.0116
CNY
0.1221
CHF
0.9294

TOP STORIES

Property sales to foreigners continue to fall

The number of Cyprus property sales to foreigners continued to fall in July with numbers down to 36 per cent on the numbers sold in July 2019 according to the Department of Lands and Surveys.

Property sales in Cyprus improving

The number of property sales in Cyprus is improving following the government's decision to introduce an interest rate subsidy for new housing loans granted from 1st March 2020 until 31st December 2020.

Tender awarded for Larnaca port and marina

The tender to develop the Larnaca port and marina has been awarded to Eldeman Holding BV and Alexandrou Corporate Services, comprised of Israeli and Cypriot interests.

you're currently offline