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Tuesday 11th August 2020
Home Property Statistics Downward trend in building permits continues

Downward trend in building permits continues

THE NUMBER of building permits issued in August stood at 351 compared with the 447 issued in August 2012; a fall of 22%, according to figures released earlier this week by the Cyprus Statistical Service.

Compared with August 2012, the total area of these permits fell 45% to 53,809 square metres from 97,744, while their value fell 56% to €55,933 million from €125,734 million.

During August, building permits were issued for:

  • Residential buildings – 250 permits
  • Non-residential buildings – 54 permits
  • Civil engineering projects – 20 permits
  • Division of plots of land – 20 permits
  • Road construction – 7 permits

During the first eight months of 2013 a total of 3,220 building permits were 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 250 residential building permits approved in August provided for the construction of 232 new homes comprising 124 single houses and 108 multiple housing units (such as apartments and other residential complexes).

This is a fall of 45% compared with August 2012 when building permits were issued for the construction of 422 new homes.

During the first eight months of 2013, the number of new homes for which permits were authorised has fallen by 28% compared with the same period last year.

Cyprus building permits new homes August 2013

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

8 COMMENTS

  1. @ Mr Andy P, Please note the latest fun happenings on this Island.

    “Cyprus Title Deeds bank extortion.” The details of which I have duly wired on to contacts, in the States and Britain & on Facebook.

    I do not think that “The Powers That Be,” in Cyprus like the fact that nowadays, Folk know how to operate a computer and have access to the world wide web. RB.

  2. @ RB. I think the Chinese are now better informed on the “artful ways” of the Cyprus property industry.

    I read somewhere that the latest Cyprus “delegation” to promote property took place recently in Pakistan, if I remember correctly.

  3. But how many of these building permits are being issued for properties already built or have had changes made and not approved previously? If this is the case, and I suspect it is, then the property market for new builds in in a much worse state that officialdom is admitting.

  4. What has happened to all the Chinese, who where supposed to be buying up all this property, most of which do not have Title Deeds!?

  5. Perhaps a lots of these permits are also issued to catch up on the paperwork after the building is started, perhaps years ago. I cannot see any new construction going on in Limograd at moment.

  6. Press Statement
    ‘The contraction in the Cyprus construction activity continued in August with the very difficult economic conditions discouraging new investment’

    Reality
    ‘The contraction in the Cyprus construction activity continued in August with the worldwide realisation that the government & the banks have allowed corruption to destroy the countries financial credibility. The continued denial of the reality does nothing to instill confidence or show the world that these things are being corrected’

    Result
    A downward spiral sustained by negative results and sentiment.

    Solution
    the first step is to accept responsibility and stop blaming the rest of the world!

Comments are closed.

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