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Thursday 9th July 2020
Home Property Statistics Permits for new homes down 18 per cent

Permits for new homes down 18 per cent

Cyprus new homesTHE NUMBER of building permits authorised in Cyprus during December 2017 stood at 437 compared with the 454 authorised during the same month in 2016; a fall of 3.7% according to official figures released by the Cyprus Statistical Service.

However, the total value of these permits rose by 16.7% to reach €151.4 million compared to December 2016, while their total area rose by 65.8% to reach 187.9 thousand square metres.

During December 2017, building permits were issued for:

  • Residential buildings – 301 permits
  • Community residencies – 2 permits
  • Non-residential buildings – 85 permits
  • Civil engineering projects – 18 permits
  • Division of plots of land – 26 permits
  • Road construction – 5 permits

During 2017, 5,728 permits were issued compared to 5,354 in 2016; an increase of 7.0%. The total value of these permits has increased by 48.6% and the total area by 47.3%.

Building permits for new homes

The 301 residential building permits approved in December 2017 provided for the construction of 325 new homes (dwellings). These comprised 169 single houses (compared with 213 in December 2016) and 156 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 184 in December 2016); a fall of 18.1% compared with December 2016 when permits were issued for the construction of 397 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%
April2012898843.8%
May27842414652.5%
June2873819432.8%
July38253715540.6%
August229244156.6%
September2893627325.3%
October38454315941.4%
November34165831793.0%
December397325-72-18.1%
Totals3,6494,9391,29035.4%

During 2017, the number of new homes for which permits have been issued rose by 35.4% to reach 4,939.

Of those 4,939 new homes, 1,863 are destined to be built in Limassol, 1,395 in Nicosia, 743 in Paphos, 666 in Larnaca and 272 in Famagusta.

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

1 COMMENT

  1. Cannot understand why so many new homes are being built even though it seems in most towns half the homes already there are unoccupied. Supply and Demand is common knowledge.

    Ed: These new homes are targeted at a different market – they’re not the minuscule concrete boxes sold to the Brits.

Comments are closed.

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