Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 22nd October 2020
Home Property Statistics Permits authorised for 744 new homes

Permits authorised for 744 new homes

THE TOTAL number of building permits authorised in Cyprus during October 2019 stood at 633 compared with the 630 authorised during October 2018; an increase of 0.5% according to official figures published by the Cyprus Statistical Service.

The total value of these permits rose by 15.0% to €216.1 million, while their total area rose by 12.1% to reach 179.9 thousand square metres compared to October 2018.

These permits provided for the construction of 744 new homes, an increase of 20.6% compared with 617 new homes in October 2018.

During October 2019, building permits were authorised for:

  • Residential buildings – 466 permits
  • Community residences – 2 permits
  • Non-residential buildings – 102 permits
  • Civil engineering projects – 20 permits
  • Division of plots of land – 53 permits
  • Road construction – 20 permits

Building permits for new homes construction

The 466 residential building permits authorised in October 2019 provided for the construction of 744 new homes (dwellings). These comprised 239 single houses, a fall of 13.1% compared to the 275 authorised in October 2018 – and 505 multiple housing units including apartments, semis, townhouses and other residential complexes; a 47.7% rise compared to the 342 authorised in October 2018).

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%
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%
September
576
1,114
538
93.4%
October
617
744
127
20.6%
Totals 5,117 7,611 2,404 48.7%

Of those 744 new homes, 316 are destined for Limassol, 290 for Nicosia, 64 for Larnaca and 37 for both Paphos and Famagusta.

Annual construction figures

A total of 5,864 building permits were authorised during the period January – October 2019, compared to 5,332 in the same period of 2018.  Their total value increased by 70.4% and their total area by 44.2%. The number of building permits authorised for new homes rose by 48.7%.

The 4,216 residential building permits authorised during the period January – October 2019 provided for the construction of 3,112 new homes in Limassol, 2,360 in Nicosia, 964 in Larnaca, 888 in Paphos and 287 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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