Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 9th July 2020
Home Property Statistics Smaller rise in new home building permits

Smaller rise in new home building permits

Smaller rise in new home building permitsTHE TOTAL number of building permits authorised in Cyprus during August 2019 stood at 443 compared with the 415 authorised during August 2018; an increase of 6.7% according to official figures published by the Cyprus Statistical Service.

The total value of these permits fell by 55.0% to €157.3 million, while their total area rose by 5.0% to reach 155.5 thousand square metres compared to August 2018.

These permits provided for the construction of 525 new homes, an increase of just 15.9% compared to the 453 new homes in August 2018.

During August 2019, building permits were authorised for:

  • Residential buildings – 319 permits
  • Community residences – 1 permit
  • Non-residential buildings – 68 permits
  • Civil engineering projects – 24 permits
  • Division of plots of land – 16 permits
  • Road construction – 15 permits

Building permits for new homes

The 319 residential building permits authorised in August 2019 provided for the construction of 525 new homes (dwellings). These comprised 246 single houses (compared with 226 in August 2018) and 73 multiple housing units including apartments, semis, townhouses and other residential complexes (compared with 59 in August 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%
August
453
525
72
15.9%
Totals3,9245,7531,73946.6%

Of those 525 new homes, 183 are destined for Limassol, 165 for Nicosia, 110 for Paphos, 64 for Larnaca and just 3 for Famagusta.

Annual construction figures

During the period January – August 2019, a total of 5,579 building permits were authorised compared to 4,114 in the same period last year.  Their total value increased by 54.9% and their total area by 37.5%. The number of new homes authorised rose by 46.6%.

The 3,316 residential permits issued this year provided for the construction of 2,116 new homes in Limassol, 1,800 in Nicosia, 828 in Larnaca, 767 in Paphos and 242 in Famagusta.

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

WEATHER FORECAST

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1128
RUB
0.0124
CNY
0.1260
CHF
0.9401

TOP STORIES

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.

Decision soon on Pissouri homes devastated by landslide

The government said Monday it will soon have in hand the recommendations of experts concerning the landslide in the area of Pissouri, which has seriously damaged dozens of properties throughout the years.