Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday 20th October 2020
Home Property Statistics 617 new homes in October

617 new homes in October

Cyprus: 617 new homes in OctoberTHE TOTAL number of building permits authorised in Cyprus during October 2018 stood at 630 compared with the 536 authorised during October 2017; a rise of 17.5% and provided for the construction of 617 new homes according to official figures published by the Cyprus Statistical Service.

Compared to October 2017, the total value of all building permits fell by 3.6% to €160.5 million and their total area fell by 2.9% to 188.0 thousand square metres.

During October 2018, building permits were issued for:

  • Residential buildings – 426 permits
  • Non-residential buildings – 110 permits
  • Civil engineering projects – 28 permits
  • Division of plots of land – 50 permits
  • Road construction – 16 permits

The 426 residential building permits approved in October provided for the construction of 617 new homes (dwellings) comprising 275 single houses and 342 multiple housing units such as apartments, semis, townhouses and other residential complexes.

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%
July 537 632 95 17.7%
August 244 453 209 85.7%
September 362 576 211 59.1%
October 543 617 74 13.6%
Totals 3,956 5,117 1,161 29.3%

Of those 617 new homes, 222 were approved for Nicosia, 154 for Larnaca, 144 for Limassol, 56 for Famagusta and 41 for Paphos.

During the period January – October 2018, 5,332 building permits were issued compared to 4,817 in the corresponding period in 2017; an increase of 10.7%, while their total value and area increased by 38.1% and 27.0% respectively.

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

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