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Building permits for more new homes in Cyprus

The number of new homes in Cyprus for which building permits were issued rose by 13.7 per cent in March 2019 compared to March 2018 according to the Cyprus Statistical Service.

More building permits for new homes in CyprusTHE TOTAL number of building permits authorised in Cyprus during March 2019 stood at 522 compared with the 531 authorised during March 2018; a fall of 1.7% according to official figures released by the Cyprus Statistical Service and provided for the construction of 615 new homes.

Compared to March 2018 the total value of these permits rose by 9.5% to €178.3 million. However, their total area fell by 2.8% to 142.1 thousand square metres.

During March 2019, building permits were issued for:

  • Residential buildings – 384 permits
  • Non-residential buildings – 86 permits
  • Civil engineering projects – 17 permits
  • Division of plots of land – 25 permits
  • Road construction – 10 permits

Building permits for new homes

The 383 residential building permits approved in March 2019 provided for the construction of 615 new homes (dwellings). These comprised 285 single houses (compared with 283 in March 2018) and 99 multiple housing units including apartments, semis, townhouses and other residential complexes (compared with 80 in March 2018).

Of those 615 new homes, 284 are destined for Limassol, 180 for Nicosia, 82 for Larnaca, 56 for Paphos and 13 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%
March
467
61514831.7%
Totals1374173936526.6%

Annual figures

During the quarter of 2019, 1,591 building permits were issued compared to 1,515 in the corresponding period in 2018; an increase of 5.0%, while their total value and area increased by 13.2% and 12.7% respectively.

These 1,591 permits provided for the construction of 719 new homes in Limassol, 539 Nicosia, 271 in Larnaca, 178 in Paphos and 32 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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