Cyprus Property News for home buyers & real estate investors in Cyprus

4th December 2021
Cyprus Property News logo
HomeProperty NewsOctober building permits down 4 per cent

October building permits down 4 per cent

building permits (October 2016, Cyprus)THE NUMBER of building permits authorised in October 2016 stood at 449 compared with the 467 authorised in October 2015; a drop of 3.9 per cent according to official figures released by the Cyprus Statistical Service.

However, compared with October 2015, the total value of these permits rose 118.7% to €179.1 million, while their total area rose 70.8% to 179.1 thousand square metres.

During October 2016, building permits were issued for:

  • Residential buildings – 288 permits
  • Community buildings – 1 permit
  • Non-residential buildings – 95 permits
  • Civil engineering projects – 19 permits
  • Division of plots of land – 39 permits
  • Road construction – 7 permits

Building permits for new homes

The 288 residential building permits approved in October provided for the construction of 384 new homes comprising 155 single houses and 229 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 32.4% compared with October 2015 when building permits were issued for the construction of 290 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%
April 147 201 54 36.7%
May 276 278 2 0.7%
June 239 287 48 20.1%
July 337 382 45 13.4%
August 199 229 30 15.1%
September 314 289 -25 -8.0%
October 290 384 94 32.4%
Total 2,687 2,911 224 8.3%

Year to date

During the first ten months of 2016 the number of building permits authorised for both residential and non-residential projects increased by 4.6% to 4,350 compared with the 3,693 authorised during the same period of the previous year.

The total area of these permits rose by 13.4% to 833.4 thousand square metres and their total value rose by 8.1% to €914.4 million. The number of housing units increased by 8.3%.

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

Sign up to receive our free Cyprus property newsletter

We guarantee that we do not spam and will not divulge your email address to any third party.

Read our privacy policy for more information.

Cyprus property transfer fees

Property capital gains tax (CGT) calculator

EUR - Euro Member Countries
GBP
1.1696
RUB
0.0119
CNY
0.1386
CHF
0.9633

Top Stories