Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday 11th August 2020
Home Property Statistics January new home permits up 25 per cent

January new home permits up 25 per cent

New homes in CyprusTHE TOTAL number of building permits authorised in Cyprus during January 2018 stood at 503 compared with the 465 authorised during the same month in 2017; an increase of 24.9% according to official figures released by the Cyprus Statistical Service.

Compared to January 2017 the total value of these permits rose by 34.0% to reach €145.3 million, their total area rose by 43.2% to reach 126.3 thousand square metres and provided for the construction of 476 new homes.

During January 2018, building permits were issued for:

  • Residential buildings – 355 permits
  • Non-residential buildings – 76 permits
  • Civil engineering projects – 28 permits
  • Division of plots of land – 36 permits
  • Road construction – 8 permits

Building permits for new homes

The 355 residential building permits approved in January 2018 provided for the construction of 476 new homes (dwellings). These comprised 257 single houses (compared with 158 in January 2017) and 219 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 223 in January 2017); a rise of 24.9%.

Of those 476 new homes, 187 are destined for Limassol, 166 for Nicosia, 59 for Larnaca, 50 for Paphos, and 14 for Famagusta.

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

Month2017
(Dwellings)
2018
(Dwellings)
Increase/
Decrease
%age
Change
January3814769524.9%
Totals3814769524.9%

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

2 COMMENTS

  1. @ Ed; Ok, I apologise. Too much bad news these days, tends to make one grumpy.

    Ed: No need to apologise – I know the feeling .

  2. Are we supposed to be happy about this?

    Ed: It’s news. Whether or not you’re happy about it is irrelevant (like BREXIT)

Comments are closed.

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