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Construction at record low

Construction activity in Cyprus during 2014 hit a record low with the number of building permits issued, their value and their total area all falling compared to 2013 according to the Cyprus Statistical Service.

REFLECTING the on-going crisis in the construction sector a total of 4,493 building permits were issued in Cyprus during 2014, a fall of 7.6% compared to 2013. The total value of these permits fell 24.7%, their total value fell 24.7%, while the number of new homes fell 31.1%.

In December 2014 a total of 345 building permits were authorised, a fall of 12.4% on the number issued in the same period the previous year. The total value of these permits fell 13.5%, while their total area fell 5.2%.

In December 2014, building permits were issued for:

  • Residential buildings – 233 permits
  • Non-residential buildings – 65 permits
  • Civil engineering projects – 21 permits
  • Division of plots of land – 19 permits
  • Road construction – 7 permits

New home construction

The 233 residential building permits authorised in December provided for the construction of 263 dwellings comprising 134 single houses and 129 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

Cyprus new home construction

Annual performance

During 2014 a total of 3,363 building permits were authorised for the construction of new homes, a fall of 9.0% compared to 2013 when 3,699 permits were issued. The total value of these permits fell 24.7%, their total area fell 24.9% and they provided for the construction of 31.1% fewer homes.

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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  • Mike says:

    Still there are 233 residential permits so it is clear that you can still fool some of the people all of the time perhaps, assuming they are sold at some stage. One would have thought that with the glut of properties unfinished or empty there would be no need for new permits. Unless of course the existing builds did not have permits so on that basis the 233 new permits I guess could be retrospectively issued for property built some time ago. Now even I am confused!

  • Steve R says:

    Why should we be surprised at these figures. As far as I can see there has been nothing done regarding the title deeds scenario which would encourage potential buyers to have a bit of confidence in the system. If you tell a buyer the truth it would be something on the lines of :

    You can purchase this new property but you will not own it outright until the title deeds are issued. That could be in real terms 5/6 years minimum. During that time if anything goes wrong with your own personal finances you will not be able to sell the property or raise any loans or other finance secured against it.

    Who would buy.

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

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