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Monday 19th April 2021
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HomeProperty NewsNew home building permits up 41 per cent

New home building permits up 41 per cent

Cyprus building permitTHE NUMBER of building permits authorised in Cyprus during October 2017 stood at 536 compared with the 449 authorised during the same month last year; an increase of 19.4% according to official figures released by the Cyprus Statistical Service.

The total value of these permits rose by 8.9% to reach €195.0 million compared to October 2016, while their total area rose by 26.0% to reach 105.4 thousand square metres.

During October 2017, building permits were issued for:

  • Residential buildings – 384 permits
  • Community residencies – 1 permit
  • Non-residential buildings – 95 permits
  • Civil engineering projects – 23 permits
  • Division of plots of land – 26 permits
  • Road construction – 7 permits

During the first ten months of 2017, 4,817 permits were issued compared to 4,350 in the first ten months of 2016; an increase of 10.7%. The total value of these permits has increased by 37.8% and the total area by 35.5%.

Building permits for new homes

The 384 residential building permits approved in October provided for the construction of 543 new homes (dwellings) comprising 211 single houses and 332 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 41.4% compared with October 2016 when permits were issued for the construction of 384 new homes.

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

Month 2016
(Dwellings)
2017
(Dwellings)
Increase/
Decrease
%age
Change
January 243 381 138 56.8%
February 312 383 71 22.8%
March 306 412 106 34.6%
April 201 289 88 43.8%
May 278 424 146 52.5%
June 287 381 94 32.8%
July 382 537 155 40.6%
August 229 244 15 6.6%
September 289 362 73 25.3%
October 384 543 159 41.4%
Totals 2,911 3,956 1,045 35.9%

During the first ten months of 2017, the number of new homes for which permits have been issued rose by 35.9% to reach 3,956.

Of those 3,956 new homes, 1,383 are being built in Limassol, 1,149 in Nicosia, 623 in Paphos, 538 in Larnaca and 263 in Famagusta.

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

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