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Cyprus home construction weakens

The previous strong growth in new home construction in Cyprus was reversed in April with the number building permits authorised by the authorities for new homes falling compared to last year.

THE NUMBER of building permits issued in April 2015 stood at 335 compared with the 384 issued in April 2014; a fall of 12.8 per cent, according to the latest figures from the Cyprus Statistical Service.

Compared with April 2014, the total area of these permits fell 22.7% to 44,318 square metres from 57,330, while their value increased 5.8% to €59.9 million from €56.6 million.

During April, building permits were issued for:

  • Residential buildings – 232 permits
  • Non-residential buildings – 57 permits
  • Civil engineering projects – 12 permits
  • Division of plots of land – 32 permits
  • Road construction – 2 permits

During the first four months of 2015 the number of building permits authorised for both residential and non-residential projects has fallen by 2.3% to 1,600 compared with the 1,637 authorised in the same period last year, while their value has risen by 13.2% to €293.7 million.

New home construction

The 232 residential building permits approved in April provided for the construction of 147 new dwellings comprising 93 single dwellings and 54 multiple dwelling units (such as apartments, semis, townhouses and other residential complexes).

This is a fall of 42.1% compared with April 2014 when building permits were issued for the construction of 254 new dwellings.

Cyprus property construction April 2015

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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  • Sue says:

    I think the older places should be sold first, I have been trying to sell my 3 bed for 6 years, every year I have to reduce it, pretty soon I shall have to give it away, the way things are going. Wish I had never bought in Cyprus!!

  • Deanna says:

    Maybe this is a good sign; maybe it means that they are ‘vetting’ developers before dishing out permits.
    Maybe………

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

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