THE 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)
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.