Cyprus Property News magazine for overseas buyers & real estate investors

Friday 10th July 2020
Home Property Statistics More new homes under construction

More new homes under construction

New homes in CyprusTHE NUMBER of building permits authorised in February 2017 stood at 444 compared with the 436 authorised during the same period in the previous year; a rise of 1.8 per cent according to official figures released by the Cyprus Statistical Service.

The total value of these permits rose by 15.0% to €92.4 million compared to February 2016, while their total area rose by 27.4% to 94.1 thousand square metres.

During February 2017, building permits were issued for:

  • Residential buildings – 318 permits
  • Non-residential buildings – 71 permits
  • Civil engineering projects – 13 permits
  • Division of plots of land – 28 permits
  • Road construction – 14 permits

Building permits for new homes

The 318 residential building permits approved in February provided for the construction of 383 new homes comprising 200 single houses and 183 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 22.8% compared with February 2016 when building permits were issued for the construction of 312 new homes.

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

Month2016
(Dwellings)
2017
(Dwellings)
Increase/
Decrease
%age
Change
January24338113856.8%
February3123837122.8%
Totals55576420937.7%

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

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