Cyprus Property News magazine for overseas buyers & real estate investors

Friday 10th July 2020
Home Property Statistics December 2018 building permits

December 2018 building permits

Cyprus December 2018 building permitsTHE TOTAL number of building permits authorised in Cyprus during December 2018 stood at 479 compared with the 437 authorised during December 2017; a rise of 9.6% and provided for the construction of 504 new homes according to official figures published by the Cyprus Statistical Service.

Compared to December 2017, the total value of all building permits rose by 4.9% to €158.8 million but their total area fell by 25.5% to 139.9 thousand square metres.

During December 2018, permits were issued for:

  • Residential buildings – 346 permits
  • Community residences – 1 permit
  • Non-residential buildings – 63 permits
  • Civil engineering projects – 27 permits
  • Division of plots of land – 34 permits
  • Road construction – 8 permits

The 346 permits for residential building approved in December provided for the construction of 504 new homes (dwellings) comprising 215 single houses and 289 multiple housing units such as apartments, semis, townhouses and other residential complexes.

Of those 504 new homes, 181 are destined for Nicosia, 167 for Limassol, 75 for Paphos, 44 for Famagusta and 37 for Larnaca.

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%
July5376329517.7%
August24445320985.7%
September36257621159.1%
October5436177413.6%
November
658
580
-78
-11.9%
December
325
504
179
55.1%
Totals4,9396,2011,26225.6%

Annual figures

During the period January – December 2018, 6,408  permits were issued compared to 4,053 in the corresponding period in 2017; an increase of 9.9%, while their total value and area increased by 8.5% and 18.0% respectively.

The 6,408 permits issued in 2018 provided for the construction of 2,122 new homes in Nicosia, 2,032 in Limassol, 964 in Larnaca, 646 in Paphos and 437 in Famagusta.

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

3 COMMENTS

  1. Not sure how much faith we can put in these statistics.

    I for one had to apply for a new building permit last year in order to get my title deeds even although the house was built 13 years ago.

    The developer ignored the local building coefficient and built the house 35% in excess of that allowed by the original building permit.

    I know that I am not alone in having to do this.

    Ed: It used to be that many building permits were issued retrospectively. Building were constructed without planning permission and building permits. One reason for this was the huge bureaucratic delay in their approval. In other cases, although permits were granted, developers failed to comply with them. This resulted in another building permit with the ‘as built’ plans.

  2. They should be re-training these builders and renovate all the houses that are new but been unsold/empty for 10-20 years. OK they’re doing it to keep men in work, but – like most things, it seems, it is very short-sighted.

  3. Why oh why does Cyprus keep on building more accommodation, when there is so much over supply, particularly on the ‘books’ of the banks who keep on lending for new builds.

    My house is currently worth less than I paid for it 10 years ago – with Title Deeds – due to this market depression.

Comments are closed.

WEATHER FORECAST

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1171
RUB
0.0125
CNY
0.1267
CHF
0.9422

TOP STORIES

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.