Latest Headlines

Construction slowdown continues

The slowdown in the island’s construction sector persists with the number of building permits issued in Cyprus continuing to fall in September, according to official statistics.

THE NUMBER of building permits authorised in September 2014 stood at 407 compared with the 422 authorised in September last year; a fall of 4%, according to figures released by the Cyprus Statistical Service.

Compared to September 2013, the total area of these permits rose by 11% to 70,103 square metres from 63,022, while their value rose 11% to €77.9 million from €70.4 million.

During September, building permits were issued for:

  • Residential buildings – 286 permits
  • Non-residential buildings – 80 permits
  • Civil engineering projects – 15 permits
  • Division of plots of land – 20 permits
  • Road construction – 6 permits

New home construction

The 286 residential building permits authorised in September provided for the construction of 308 dwelling units comprising 144 single houses and 164 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

Cyprus construction slowdown continues

Year to date performance

During the first nine months of 2014, a total of 3,714 building permits were authorised; a fall of 7% compared to the 3,993 permits authorised during the same period last year. The total value of these permits has fallen by 26%, while their total area has fallen 27%.

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

Readers' comments

Comments on this article are no longer being accepted.

  • MartynG says:

    There are far too many deep-seated problems across the Cyprus economic and financial/ related construction areas to expect anything other than the continuing decline. Who in their right mind is going to apply to finance/build yet more dwellings, shops, offices when the entire Cyprus scene is mired in such over-provision of existing dwellings, shops, offices et al. ?

    The problems stem from weak governments, weak regulation, overblown public services and public sector wages, extreme Union power, sandbanked Banks with massive NPL positions – all probably needing urgent remedials – and we are only just, now, starting to see the peeling back of the corruption onions that will likely take years to properly ‘sort’.

    The only likely Good news right now is that the Troika seem to be r-e-l-a-x-i-n-g their earlier demands so as not, tiny as Cyprus is relatively speaking, to destabilise further the ill-conceived and currently floundering EuroZone.

  • Steve R says:

    Well what did we expect and why should we be surprised. The bad press that Cyprus has received since 2010 and the lack of anybody in power being prepared to change things just leaves us in the present situation. Whilst Troika keeps feeding Cyprus with money why should things change.

    What will happen when the bailout money stops and Cyprus has to stand on its own 2 feet. By that time the building trade will be in shreds.

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

SELECTED REPORTS

Back to top