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Tuesday 14th July 2020
Home Property Statistics Building permits issued for 576 new homes

Building permits issued for 576 new homes

Cyprus: Building permits issued for 576 new homesTHE TOTAL number of building permits authorised in Cyprus during February 2019 stood at 525 compared with the 481 authorised during February 2018; an increase of 9.1% according to official figures released by the Cyprus Statistical Service and provided for the construction of 576 new homes.

Compared to February 2018 the total value of these permits rose by 64.7% to €168.4 million and their total area rose by 67.0% to 177.9 thousand square metres.

During February 2019, building permits were issued for:

  • Residential buildings – 397 permits
  • Non-residential buildings – 75 permits
  • Civil engineering projects – 12 permits
  • Division of plots of land – 35 permits
  • Road construction – 6 permits

Building permits for new homes

The 397 residential building permits approved in February 2019 provided for the construction of 576 new homes (dwellings). These comprised 296 single houses (compared with 256 in February 2018) and 101 multiple housing units including apartments, semis, townhouses and other residential complexes (compared with 78 in February 2018).

Of those 576 new homes, 236 are destined for Limassol, 176 for Nicosia, 100 for Larnaca, 56 for Paphos and 8 for Famagusta.

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

Month2018 (Dwellings)2019 (Dwellings)Increase/Decrease%age Change
January4765487215.1%
February
431
57614533.6%
Totals9071,12421723.9%

Annual figures

During the first two months of 2019, 1,069  permits were issued compared to 984 in the corresponding period in 2018; an increase of 8.6%, while their total value and area increased by 15.6% and 22.4% 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.

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