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Saturday, June 6, 2020
Home Property Statistics New homes building permits on the rise

New homes building permits on the rise

New homes building permits on the riseTHE TOTAL number of building permits authorised in Cyprus during July 2019 stood at 743 compared with the 589 authorised during July 2018; an increase of 26.1% according to official figures published by the Cyprus Statistical Service.

The total value of these permits rose 16.6% to reach €208.7 million and their total area by 9.1% to reach 236.8 thousand square metres compared to July 2018.

These permits provided for the construction of 1,028 new homes, an increase of 62.7% compared to the 632 new homes in July 2018.

During July 2019, building permits were authorised for:

  • Residential buildings – 517 permits
  • Community residences – 2 permits
  • Non-residential buildings – 119 permits
  • Community residences – 2 permits
  • Civil engineering projects – 29 permits
  • Division of plots of land – 53 permits
  • Road construction – 23 permits

Building permits for new homes

The 517 residential building permits authorised in July 2019 provided for the construction of 1,028 new homes (dwellings). These comprised 328 single houses (compared with 365 in July 2018) and 700 multiple housing units including apartments, semis, townhouses and other residential complexes (compared with 267 in July 2018).

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%
April
418
742
324
77.5%
May
541
907
366
67.7%
June
506
812
306
60.5%
July
632
1,028
306
62.7%
Totals3,4715,2281,66750.6%

Of those 1,028 new homes, 454 are destined for Limassol, 274 for Nicosia, 112 for Larnaca, 108 for Paphos and 80 for Famagusta.

Annual construction figures

During the period January – July 2019, a total of 4,136 building permits were authorised compared to 3,699 in the same period last year.  Their total value increased by 91.8% and their total area by 42.5%. The number of new homes authorised rose by 50.6%.

The 2,996 residential permits issued this year provided for the construction of 1,993 new homes in Limassol, 1,635 in Nicosia, 764 in Larnaca, 657 in Paphos and 239 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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