Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 22nd October 2020
Home Property Statistics Massive rise in new home construction

Massive rise in new home construction

THE TOTAL number of building permits authorised in Cyprus during April 2019 stood at 520 compared with the 531 authorised during April 2018; an increase of 10.9% according to official figures released by the Cyprus Statistical Service and provided for the construction of 742 new homes.

Compared to April 2018 the total value of these permits rose by a staggering 596.0% to €742.3 million and their total area rose by 167.7% to 271.6 thousand square metres.

During April 2019, building permits were issued for:

  • Residential buildings – 374 permits
  • Non-residential buildings – 82 permits
  • Civil engineering projects – 14 permits
  • Division of plots of land – 39 permits
  • Road construction – 9 permits

Building permits for new homes

The 374 residential building permits approved in April 2019 provided for the construction of 742 new homes (dwellings). These comprised 276 single houses (compared with 262 in April 2018) and 98 multiple housing units including apartments, semis, townhouses and other residential complexes (compared with 79 in April 2018).

Of those 742 new homes, 284 are destined for Limassol, 199 for Nicosia, 119 for Larnaca, 109 for Paphos and 31 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%
February
431
576 145 33.6%
March
467
615 148 31.7%
April
418
742
324
77.5%
Totals 1,792 2,481 689 38.4%

Annual construction figures

During the four months of 2019, a total of 2,111 building permits were issued compared to 1,984 in the corresponding period in 2018; an increase of 56.4%, while their total value and area increased by 133.4% and 45.4% respectively.

The 2,111 permits issued over the period provided for the construction of 1,003 new homes in Limassol, 738 in Nicosia, 390 in Larnaca, 287 in Paphos and 63 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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