Cyprus Property News for home buyers and real estate investors

Wednesday 2nd December 2020
Home Property Statistics New homes in Cyprus up 15 per cent

New homes in Cyprus up 15 per cent

New homes in Cyprus up 15 per centTHE TOTAL number of building permits authorised in Cyprus during January 2019 stood at 544 compared with the 503 authorised during January 2018; an increase of 8.2% according to official figures released by the Cyprus Statistical Service and provided for the construction of 548 new homes.

However, compared to January 2018 the total value of these permits fell by 18.9% to €117.8 million and their total area fell by 15.2% to 107.0 thousand square metres.

During January 2019, building permits were issued for:

  • Residential buildings – 385 permits
  • Non-residential buildings – 79 permits
  • Civil engineering projects – 18 permits
  • Division of plots of land – 47 permits
  • Road construction – 15 permits

Building permits for new homes

The 385 residential building permits approved in January 2019 provided for the construction of 548 new homes (dwellings). These comprised 279 single houses (compared with 269 in January 2018) and 106 multiple housing units including apartments, semis, townhouses and other residential complexes (compared with 86 in January 2018); a rise of 15.1%.

Of those 548 new homes, 199 are destined for Limassol, 183 for Nicosia, 89 for Larnaca, 66 for Paphos and 11 for Famagusta.

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

Month 2018 (Dwellings) 2019 (Dwellings) Increase/Decrease %age Change
January 476 548 72 15.1%
Totals 476 548 72 15.1%

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

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