Cyprus Property News magazine for overseas buyers & real estate investors

Friday 3rd July 2020
Home Property Statistics Strong growth in construction continues

Strong growth in construction continues

THE CYPRUS construction sector maintained its strong growth in November 2019 with 707 building permits issued compared to 597 in November 2018; an increase of 18.4% according to official figures published by the Cyprus Statistical Service.

The total value of these permits rose by 29.6% to reach €332.4 million, while their total area rose by 46.6% to reach 222.4 thousand square metres compared to November 2018.

These permits provided for the construction of 909 new homes, an increase of 56.7% compared with 580 in November 2018.

During November 2019, building permits were authorised for:

  • Residential buildings – 492 permits
  • Community residences – 1 permit
  • Non-residential buildings – 122 permits
  • Civil engineering projects – 36 permits
  • Division of plots of land – 42 permits
  • Road construction – 14 permits

Building permits for new homes

The 492 residential building permits authorised in November 2019 provided for the construction of 909 new homes (dwellings). These comprised 359 single houses, an increase of 17.3% compared to the 306 authorised in November 2018, and 133 multiple housing units including apartments, semis, townhouses and other residential complexes; a 35.7% rise compared to the 98 authorised in November 2018.

Building Permits Issued for the Construction of New Homes
(Number of Dwellings)

Month2018 (Dwellings)2019 (Dwellings)Increase/Decrease%age Change
January4765487215.1%
February43157614533.6%
March46761514831.7%
April41874232477.5%
May54190736667.7%
June50681230660.5%
July6321,02830662.7%
August4535257215.9%
September5761,11453893.4%
October61774412720.6%
November58090932956.7%
Totals5,6978,5202,73349.6%

Of those 909 new homes, 351 are destined for Limassol, 314 for Nicosia, 90 for Larnaca, 116 for Paphos and 38 for Famagusta.

Annual construction figures

A total of 5,571 building permits were authorised during the period January – November 2019, compared to 5,929 in the same period of 2018.  Their total value increased by 73.8% and their total area by 44.6%. The number of building permits authorised for new homes rose by 49.6%.

The 2,234 residential building permits authorised during the period January – November 2019 provided for the construction of 3,463 new homes in Limassol, 2,674 in Nicosia, 1,054 in Larnaca, 1,004 in Paphos and 325 in Famagusta.

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

WEATHER FORECAST

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