Cyprus Property News magazine for overseas buyers & real estate investors

Friday 10th July 2020
Home Property Statistics Cyprus building more new homes

Cyprus building more new homes

More new homes in CyprusTHE NUMBER of building permits authorised in March 2017 stood at 542 compared with the 485 authorised during the same period in the previous year; a rise of 11.8 per cent according to official figures released by the Cyprus Statistical Service.

The total value of these permits rose by 25.8% to €115.0 million compared to March 2016, while their total area rose by 31.1% to 115.6 thousand square metres.

During March 2017, building permits were issued for:

  • Residential buildings – 384 permits
  • Community buildings – 3 permits
  • Non-residential buildings – 109 permits
  • Civil engineering projects – 15 permits
  • Division of plots of land – 23 permits
  • Road construction – 8 permits

During the first quarter of 2017, 1,451 building permits have been issued compared to 1,279 in the first quarter of 2016. The total value of these permits increased by 29.1% and the total area by 28.8%.

Building permits for new homes

The 384 residential building permits approved in March provided for the construction of 412 new homes comprising 218 single houses and 194 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 34.6% compared with March 2016 when building permits were issued for the construction of 306 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%
March30641210634.6%
Totals8611,17631536.6%

During the first quarter of 2017, the number of new homes for which permits have been issued rose by 36.6%.

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

5 COMMENTS

  1. Until someone (???) stops allowing new properties to be built until the empty properties are sold this madness will continue and Cyprus will remain backward country it is.

  2. Costa & Pippa,

    You are both correct in what you say. Contractors should be buying the estates and homes which have been going to the weeds and buying them from the banks so that they and the government recoup some of the debts from the defaulting crooked developers who have gone bankrupt or simply just not trading due to getting a bad name.

  3. Costa & Pippa,
    You are both correct in what you say. Contractors should be buying the estates and homes which have been going to the weeds and buying them from the banks so that they and the government recoup some of the debts from the defaulting crooked developers who have gone bankrupt or simply just not trading due to getting a bad name.

  4. Why build more when there’s thousands standing empty ? Why buy a home that you can’t get title deeds for? Why buy a home where property scams are rife? Why put your money where corruption is rife? Why bank with known Cyprus banks ( Alpha Bank) that that have been scolded by the CCPS regarding giving out contracts with unfair clauses etc? Why oh why do people just not google this island and save yourself many sleepless nights? Three little words of advice DON’T DO IT !

  5. Silly me to think they might just have the nouce to sell the ones already built and standing empty before they build more!!

Comments are closed.

WEATHER FORECAST

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1168
RUB
0.0125
CNY
0.1266
CHF
0.9422

TOP STORIES

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.