Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 9th July 2020
Home Property Statistics Permits for new homes up 44.6 per cent

Permits for new homes up 44.6 per cent

Cyprus: building permits for new homes up 44.6 per centTHE TOTAL number of building permits authorised in Cyprus during April 2018 stood at 469 compared with the 410 authorised during April 2017; a rise of 2.0% according to official figures released by the Cyprus Statistical Service.

Compared to April 2017 the total value of these permits rose by 18.9% to reach €106.6 million, their total area rose by 15.8% to reach 101.5 thousand square metres and provided for the construction of 418 new homes.

During April 2018, building permits were issued for:

  • Residential buildings – 341 permits
  • Community buildings – 0 permits
  • Non-residential buildings – 75 permits
  • Civil engineering projects – 18 permits
  • Division of plots of land – 24 permits
  • Road construction – 11 permits

Building permits for new homes

The 314 residential building permits approved in April provided for the construction of 418 new homes (dwellings). These comprised 262 single houses (compared with 233 in April 2017) and 79 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 62 in April 2017); a rise of 27.4%.

Of those 418 new homes, 119 are destined for Limassol, 166 for Nicosia, 68 for Paphos, 48 for Larnaca, and 17 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%
March4124675513.3%
April28941812949.6%
Totals1,4651,79232722.3%

During the first four months of 2018, 1,984 building permits were issued compared to the 1,861 issued in the same period last year. The total value of these permits increased by 27.5% and the total area by 24.5%.

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

1 COMMENT

  1. Why keep building as I see many not finished, then they start somewhere else, also with thousands of resale villas on the market people cannot sell, and have to drop the price, shame about all this building.

Comments are closed.

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