Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 9th July 2020
Home Property Statistics 541 new homes in May

541 new homes in May

Permits issued for 541 new homes in CyprusTHE TOTAL number of building permits authorised in Cyprus during May 2018 stood at 612 compared with the 507 authorised during May 2017; a rise of 20.7% and provided for the construction of 541 new homes according to official figures released by the Cyprus Statistical Service.

Compared to May 2017, the total value of all building permits rose by 27.1% to reach €138.1 million and their total area rose by 29.3% to reach 142.0 thousand square metres.

During May 2018, building permits were issued for:

  • Residential buildings – 445 permits
  • Community buildings – 0 permits
  • Non-residential buildings – 99 permits
  • Civil engineering projects – 27 permits
  • Division of plots of land – 24 permits
  • Road construction – 17 permits

Building permits for new homes

The 445 residential building permits approved in May provided for the construction of 541 new homes (dwellings). These comprised 305 single houses (compared with 189 in May 2017) and 236 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 235 in May 2017); a rise of 27.6%.

Of those 541 new homes, 186 are destined for Limassol, 158 for Nicosia, 81 for Paphos, 85 for Larnaca, and 31 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%
May
424
541
117
26.6%
Totals1,8892,33344423.5%

During the five months of 2018, 1,984 building permits were issued compared to the 1,861 issued in the same period last year; an increase of 9.6%. The total value of these permits rose 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.

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