Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday, June 2, 2020
Home Property Statistics Permits for new homes up 13.3 per cent

Permits for new homes up 13.3 per cent

Building permits: new homes in CyprusTHE TOTAL number of building permits authorised in Cyprus during March 2018 stood at 531 compared with the 542 authorised during March 2017; a fall of 2.0% according to official figures released by the Cyprus Statistical Service.

Compared to March 2017 the total value of these permits rose by 41.6% to reach €162.8 million, their total area rose by 26.1% to reach 146.1 thousand square metres and provided for the construction of 467 new homes.

During March 2018, building permits were issued for:

  • Residential buildings – 363 permits
  • Community buildings – 2 permits
  • Non-residential buildings – 88 permits
  • Civil engineering projects – 19 permits
  • Division of plots of land – 43 permits
  • Road construction – 11 permits

Building permits for new homes

The 363 residential building permits approved in March provided for the construction of 467 new homes (dwellings). These comprised 221 single houses (compared with 218 in March 2017) and 246 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 194 in March 2017); a rise of 13.3%.

Of those 467 new homes, 156 are destined for Limassol, 149 for Nicosia, 99 for Larnaca, 29 for Paphos, and 34 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%
March
412487
55
13.3%
Totals1,1761,37419816.8%

During the first quarter of 2018, 1,515 building permits were issued compared to the 1,451 issued in the first quarter of 2017. The total value of these permits increased by 29.9% and the total area by 27.1%.

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

2 COMMENTS

  1. Given the large number of once-new dwellings still lying frighteningly empty across many areas of the Island, this seems like another worrying Cyprus government-attracted rather than Demand-led construction boom, more than likely to fizzle out when supply once again greatly exceeds demand.

    There are many HUGE new developments already underway, mainly in the currently bouncy Limassol district, designed primarily to attract mainly Russian and Chinese people looking to establish part-time residency on the island, but likely to bring little permanency to the island, even if the ‘High Value’ purchasers do Place very sizeable monetary deposits with hungry Cypriot banks via some attractive looking short-medium term ‘schemes’.

    I can envisage a Time some 2-5 years ‘down-the-road’ when, once again Cyprus has a massive surfeit of properties facing a dwindling long-term purchaser, resident base. Another Boom-Bust probably without solving the still huge problems created in the past? The whole thing looks flimsy in the extreme!

  2. Find it impossible to get enthusiastic about the issue of new building permits when most of us on this list, plus Cyprus Eastern, are still awaiting the Titles to our properties which were built and paid-for in the last century.

    Ed: It’s a mjor issue that the government seems unable (or unwilling) to address – and there are still around 70,000 trapped buyers.

Comments are closed.

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