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Building permits May 2015

Although the number of building permits authorised in May 2015 fell compared to the number authorised during the same period last year, their total area went up by more than a third and their value almost doubled.

Cyprus building permits statisticsTHE NUMBER of building permits authorised in May 2015 stood at 434 compared with the 460 authorised in May 2014; a fall 5.7%, according to the latest figures from the Cyprus Statistical Service.

Compared with May 2014, the total area of these permits rose 35.9% to 90,760 square metres from 66,760, while their value surged 97.5% to €123.4 million from €62.4 million.

During May, building permits were issued for:

  • Residential buildings – 272 permits
  • Non-residential buildings – 91 permits
  • Civil engineering projects – 25 permits
  • Division of plots of land – 39 permits
  • Road construction – 7 permits

During the first five months of 2015 the number of building permits authorised for both residential and non-residential projects has fallen by 3.0% to 2,034 compared with the 2,097 authorised in the same period last year, while their value has risen by 21.0% to €437.6 million and their area has increased by 17.9% to 384.5 thousand square metres.

New home construction

The 272 residential building permits approved in May provided for the construction of 223 new dwellings comprising 135 single dwellings and 141 multiple dwelling units (such as apartments, semis, townhouses and other residential complexes).

This is an increase of 23.8% compared with May 2014 when building permits were issued for the construction of 223 new dwellings.

Cyprus new home construction May 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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  • Steve says:

    @Mike
    I don’t see it that way. The cost has gone up but so has the plot size. Developers are selling fewer, bigger homes, fewer apartments and more villas. Why is this? It could be that the Russians and the Chinese are attracted by the prospects of a citizenship deal, although the prospect of a subsequent EU passport is much less than it appeared to be a while ago. What we need to look at are the consequences for the West Europeans if this trend continues and increases. Already there is much more Russian and Chinese written and spoken in restaurants and estate agents. You are much more likely nowadays to be greeted by a fluent Russian speaker whose English is poor. Also, the shelves full of Russian Wine and foodstuffs is expanding in supermarkets. We shouldn’t complain about any of this because the locals have to earn a living, but on the other hand, what if there are worrying trends associated with this, like increases in crime? (In Russia many westerners travel with back-up transport and armed guards and live in high-security enclaves surrounded by electric fences.)

  • Mike says:

    Number of permits down but value up – sounds like we are on the ‘less customers so increase the prices’ train again. Nice work as long as you have some idiot prepared to pay it.

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

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