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19th August 2022
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HomeProperty NewsMarch building permits up 5 per cent

March building permits up 5 per cent

March building permits THE NUMBER of building permits authorised in March 2016 stood at 485 compared with the 460 authorised in March last year; an increase of 5.4 per cent according to official figures released by the Cyprus Statistical Service.

Compared with March 2015, the total area of these permits rose 23.7% to 88.2 thousand square metres from 71.3 thousand square metres and their value rose 30.6% to €91.4 million from €70.0 million.

During March, building permits were issued for:

  • Residential buildings – 330 permits
  • Non-residential buildings – 82 permits
  • Civil engineering projects – 19 permits
  • Division of plots of land – 37 permits
  • Road construction – 17 permits

Building permits for new homes

The 330 residential building permits approved in March provided for the construction of 306 new homes comprising 144 single houses and 162 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

This is an increase of 3.0% compared with March 2015 when building permits were issued for the construction of 297 new homes.

Building Permits Issued for the Construction of
New Homes (Number of Dwellings)

Month 2015
(Dwellings)
2016
(Dwellings)
Increase/
Decrease
%age
Change
January 204 243 39 19.1%
February 384 312 -72 3.0%
March 297 306 9 3.0%
Total 885 861 -24 -2.7%

Year to date

During the first quarter of 2016 the number of building permits authorised for both residential and non-residential projects has risen by 1.1% to 1,279 compared with the 1,265 authorised in the first quarter of 2015. The total value of these permits has fallen by 3.8% to €244.6 million and their total area has fallen by 7.2% to 231.4 thousand square metres, while the number of housing units has fallen 2.7%.

According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.

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1 COMMENT

  1. “According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.”

    According to my basic knowledge of economics, new building permits in an area where there are still 30,000 properties to be sold, constitute a leading indicator of a future serious real estate market crash…

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