Cyprus Property News for home buyers and real estate investors

Wednesday 2nd December 2020
Home Property Statistics New home permits up 32.8 per cent

New home permits up 32.8 per cent

THE TOTAL number of building permits authorised in Cyprus during June 2018 stood at 514 compared with the 502 authorised during June 2017; a rise of 2.4% and provided for the construction of 506 new residential homes according to official figures released by the Cyprus Statistical Service.

Compared to June 2017, the total value of all building permits fell by 5.4% to €133.7 million although their their total area rose by 29.2% to reach 131.2 thousand square metres.

During June 2018, building permits were issued for:

  • Residential buildings – 349 permits
  • Community buildings – 1 permit
  • Non-residential buildings – 94 permits
  • Civil engineering projects – 19 permits
  • Division of plots of land – 34 permits
  • Road construction – 17 permits

Building permits for new homes

The 349 residential building permits approved in June provided for the construction of 506 new homes (dwellings). These comprised 193 single houses (compared with 206 in June 2017) and 313 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 175 in June 2017); a rise of 32.8%.

Of those 506 new residential homes, 190 are destined for Nicosia, 165 for Limassol, 84 for Larnaca, 37 for Paphos and 30 for Famagusta.

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

Month 2017
(Dwellings)
2018
(Dwellings)
Increase/
Decrease
%age
Change
January 381 476 95 24.9%
February 383 431 48 12.5%
March 412 467 55 13.3%
April 289 418 129 49.6%
May
424 541 117 26.6%
June
381 506 125 32.8%
Totals 2,270 2,839 569 25.1%

During the first half of 2018, 3,110 building permits were issued compared to the 2,870 issued in the same period last year; an increase of 8.9%. The total value of these permits rose by 20.4% and the total area by 26.2%.

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

2 COMMENTS

  1. When will local municipalities start putting as much effort into clearing the backlog of title deed applications?

    I was told, in the Paralimni planning office, that new permits had priority and they did not have sufficient resources to do both. Methinks new permits provide a more immediate source of revenue. We, who applied in 2015 under the ‘trapped buyer’s legislation can go whistle!

  2. Here they go again allowing new homes to be built when there are hundreds if not thousands standing empty or half finished. Madness or what?

Comments are closed.

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