THE NUMBER of building permits issued in February 2016 stood at 438 compared with the 401 issued in February last year; an increase of 9 per cent according to official figures released by the Cyprus Statistical Service.
However, compared with February 2015, the total area of these permits fell by 24% to 73.9 thousand square metres from 97.7 thousand square metres, while their value fell 26% to €80.3 million from €109.0 million, indicating a possible slowdown in the construction sector.
During February, building permits were issued for:
- Residential buildings – 304 permits
- Non-residential buildings – 82 permits
- Civil engineering projects – 17 permits
- Division of plots of land – 27 permits
- Road construction – 8 permits
During the first two months of 2016 the number of building permits authorised for both residential and non-residential projects has fallen by 1.4% to 794 compared with the 805 authorised in the first two months of 2015, while their value has fallen by 17.0% to €143.2 million and their area has fallen by 20% to 184.4 thousand square metres.
Building permits for new homes
The 304 residential building permits approved in February provided for the construction of 544 new homes comprising 246 single houses and 58 multiple housing units (such as apartments, semis, townhouses and other residential complexes).
This is a fall of 19% compared with February 2015 when building permits were issued for the construction of 384 new homes.
Building Permits Issued for the Construction of
New Homes (Number of Dwellings)
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.