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New home construction down 35 per cent

Figures from the Cyprus Statistical Service (CYSTAT) reveal that building permits authorised for the construction of new homes fell 35 per cent last November compared with the same period the previous year.

THE NUMBER of building permits authorised in November 2014 stood at 408 compared with the 477 authorised in November 2013; a fall of 14.8%, according to figures released by the Cyprus Statistical Service.

Compared to November 2013, the total area of these permits fell 3.5% to 77.4 thousand square metres from 80.2, while their value fell 9.4% to €84.0 million from €92.8 million.

During November 2014, building permits were issued for:

  • Residential buildings – 287 permits
  • Non-residential buildings – 76 permits
  • Civil engineering projects – 23 permits
  • Division of plots of land – 19 permits
  • Road construction – 3 permits

New home construction

The 206 residential building permits authorised in November provided for the construction of 239 dwelling units comprising 144 single houses and 95 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

Cyprus new home construction

Year to date performance

During the first eleven months of 2014, a total of 4,588 building permits were authorised; a fall of 7.3% compared to the same period in 2013. The total value of these permits has fallen by 25.4% and their total area has fallen 26.2%, while the number of new homes has fallen 33.1%

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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  • MartynG says:

    Surprised really that anybody seriously wants to build anything on this island. There are massive stocks of ‘finished’ (many badly) and longtimes unsold properties, 1,000s more part-finished and ‘unprotected’ ‘new homes’. Most of the modern world now knows about the tricks, scams and fundamental flaws in Titles and Registration, also Legal, Property Sales and banking practices that ensure serious buyers look elsewhere other than Cyprus. And yes, there is still it seems on top of all these Negatived the mentality that to compensate for falling sales you jack up your prices!! Unbelievable – but a True!.

    Even the tumbling Euro values against most major currencies don’t seem to be attracting ‘bargain hunters’. And the Cyprus banks haven’t it seems even properly started their essential foreclosure, repossession and ‘fire sale’ procedures in response, finally, to the unbelievably high numbers of Non-Performing Loans.

  • John Swift says:

    Seems like typical Cypriot mentality, if sales/profits fall bump up the price.

  • Mike says:

    An inevitable ongoing decline in numbers but I fear no reflection it seems on prices. I am constantly amazed at the astronomical quotes I continue to receive for simple and multi trade construction jobs I need to undertake not to mention construction materials. All indicators would point to a reduction in prices but not the case – at least not where I am concerned and that applies to plant hire too. The economy seems to fly in the face of all known economic models. Needless to say I hold off and wouldn’t mind betting thousands of others are too. The principles of supply and demand seem to be abandoned here.

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

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