Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday, June 2, 2020
Home Property Statistics Building permits fall 15 per cent in July

Building permits fall 15 per cent in July

THE NUMBER of building permits issued in July stood at 519 compared with the 613 issued in July 2012; a fall of 15%, according to figures released earlier today by the Cyprus Statistical Service.

Compared with July 2012, the total area of these permits fell to 81,682 square metres from 142,702 (-43%), while their value decreased to €91.098 million from €147.947 million (-38%).

During July, building permits were issued for:

  • Residential buildings – 350 permits
  • Non-residential buildings – 97 permits
  • Civil engineering projects – 17 permits
  • Division of plots of land – 47 permits
  • Road construction – 8 permits

During the first seven months of 2013 a total of 3,220 building permits have been authorised; a drop of 25% compared with the 4,284 permits issued during the same period last year. Their total value has fallen by 20% and their total area by 28%.

New home construction

The 350 residential building permits approved in July provided for the construction of 321 new homes comprising 162 single houses and 159 multiple housing units (such as apartments and other residential complexes).

This is a fall of 39% compared with July 2012 when building permits were issued for the construction of 569 new homes.

During the first seven months of 2013, the number of new homes for which permits were authorised has fallen by 25% compared with the same period last year.

Cyprus-new-home-construction-July-2013

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

2 COMMENTS

  1. In countries where title deeds are available at the time of handover, there is generally a system of building inspections that begin when the foundations are being marked out, then dug and every subsequent stage must be passed to enter the next stage. I know because I built a house. This ensures that what is built is to the plans and is built to the standards required. This can even include sand/cement analysis – a major issue in Cyprus, but Cyprus has none of this.

    If the land were purchased, subdivided and a title deed for it issued before building commenced, a lot of the waiting would be avoided, but the developers and the authorities do not want that. It would mean that the developers lose control of the development when they may not have sold all the plots/properties and that may not allow them to build the whole development at once, which is desirable to minimise their costs. The authorities know that Cypriots don’t register their properties and pay taxes on them; the properties are theirs by virtue of owning the land. Some don’t even submit plans.

    These are just some of the reasons why the Cyprus system is what it is and won’t easily change.

  2. As I have previously stated, as far as I can make out the only possible way forward is for Title Deeds to be available to the buyer, at point of sale & property / land is not released for sale by law. Until the Title Deeds are available!

    So why can not this issue be resolved ASAP? what is the problem with these people? RB.

Comments are closed.

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