- Cyprus Property News Magazine - https://www.news.cyprus-property-buyers.com -

453 new homes in August

Cyprus permits for 453 new homes in August THE TOTAL number of building permits authorised in Cyprus during August 2018 stood at 415 compared with the 410 authorised during August 2017; a rise of 1.2% and providing for the construction of 453 new homes according to official figures released by the Cyprus Statistical Service.

Compared to August 2017, the total value of all building permits rose by 287.2% to reach €349.7 million and their total area rose by 74.5% to reach 148.4 thousand square metres.

During August 2018, building permits were issued for:

The 285 residential building permits approved in August provided for the construction of 453 new homes (dwellings). These comprised 226 single houses (compared with 240 in August 2017) and 59 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 62 in August 2017).

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
42454111726.6%
June
38150612532.8%
July
537
632
95
17.7%
August
244
453
209
85.7%
Totals3,0513,92487328.6%

Of those 453 new residential homes, 167 are scheduled for Limassol 151 for Nicosia, 106 for Larnaca, 19 for Paphos and 10 for Famagusta.

During the first eight months of 2018, 4,114 building permits were issued compared to the 3,772 issued in the same period last year; an increase of 9.1%. The total value of these permits rose by 46.9% and their total area by 30.3%.

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