Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 8th July 2020
Home Property Statistics Permits for new homes up 12.5 per cent

Permits for new homes up 12.5 per cent

Permits for new homes in Cyprus up 12.5 per centTHE TOTAL number of building permits authorised in Cyprus during February 2018 stood at 481 compared with the 444 authorised during February 2017; an increase of 8.3% according to official figures released by the Cyprus Statistical Service.

Compared to February 2017 the total value of these permits rose by 35.3% to reach €213.2 million, their total area rose by 27.7% to reach 207.8 thousand square metres and provided for the construction of 431 new homes.

During February 2018, building permits were issued for:

  • Residential buildings – 334 permits
  • Community buildings – 2 permits
  • Non-residential buildings – 88 permits
  • Civil engineering projects – 11 permits
  • Division of plots of land – 35 permits
  • Road construction – 11 permits

Building permits for new homes

The 334 residential building permits approved in February provided for the construction of 431 new homes (dwellings). These comprised 256 single houses (compared with 255 in February 2017) and 78 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 63 in February 2017); a rise of 12.5%.

Of those 431 new homes, 183 are destined for Nicosia, 138 for Limassol, 62 for Larnaca, 33 for Paphos, and 15 for Famagusta.

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

Month2017
(Dwellings)
2018
(Dwellings)
Increase/
Decrease
%age
Change
January3814769524.9%
February3834314812.5%
Totals76490714318.7%

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

2 COMMENTS

  1. Julie hits ‘the nail on the head’ In Cyprus they just LOVE building, often stylish but judging by the problems already over-hanging, just gonna add to the log-jam of Untitled, often unfinished properties we all hear about Oh So regularly on here.

    Cypriot developers, most of them, don’t really consider planning, blockage of other people’s light/views etc, or any detailed survey/assessment of Demand – they seem to just pitch in, chase the new sites, empty land, build flashy multi-storey blocks for Overseas investors who, many of us Guesstimate, will probably be occupied for just a few months a year as a reward for pumping huge amounts of capital into the Cyprus economy.

    Add the above to the appalling log-jam of NPLs elsewhere across the island, at last being ‘flogged off’ by ‘fire-sale’ operators to clients, many of who can’t -or Won’t – pay back what they owe. and, sadly some of us can sense, yet another C R AS H in a few years time.

    Joan Baez ‘When will they Ever Learn’, Joan Baez

  2. I really don’t understand why they still build as unfinished house still sit empty. Why are they allowed to keep building when there is thousand resales, all round the island, do they think a new place is better, as the cost also gas goon up, out of people riche theses days. Why are they given more permits to build, it should be more under controlled.

Comments are closed.

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