Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 29th October 2020
Home Property Statistics Construction of new homes doubles

Construction of new homes doubles

THE CONSTRUCTION of 1,107 new homes was authorised in December 2018 compared to the 504 authorised in December 2018 according to official statistics from the Cyprus Statistical Service; an increase of 119.6%.

Th strong growth in the island’s construction sector continued in December 2019 with 647 building permits issued compared to 479 in December 2018.

The total value of these permits rose by 171.7% to reach €431.2 million, while their total area rose by 108.9% to reach 292.3 thousand square metres compared to December 2018.

The permits provided for the construction of 1,107 new homes, an increase of 119.6% compared to 504 in December 2018.

During December 2019, the 647 building permits were authorised for:

  • Residential buildings – 470
  • Non-residential buildings – 90
  • Civil engineering projects – 32
  • Division of plots of land – 37
  • Road construction – 18

Building permits for new homes

The 470 residential building permits provided for the construction of 1,107 new homes (dwellings). These comprised 356 single houses, an increase of 65.6% compared to the 215 authorised in December 2018, and 751 multiple housing units including apartments, semis, townhouses and other residential complexes; a massive 159.9% rise compared to the 289 authorised in December 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%
November 580 909 329 56.7%
December
504
1,107
603
119.6%
Totals 6,201 9,627 3,336 55.2%

Of those 1,107 new homes, 645 are destined for Limassol, 201 for Nicosia, 104 for Larnaca, 80 for Paphos and 77 for Famagusta.

Annual construction figures

A total of 7,218 building permits were authorised during 2019, compared to 6,408 in 2018.  Their total value increased by 81.4% and their total area by 49.8%. The number of building permits authorised for new homes rose by 55.2%.

The 5,197 residential building permits authorised in 2019 provided for the construction of 9,627 new homes; 4,108 in Limassol, 2,875 in Nicosia, 1,158 in Larnaca, 1,084 in Paphos and 402 in Famagusta.

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

2 COMMENTS

  1. Builders who have built properties & buyers have not been able to get title deeds on the properties they have built ,should not be allowed to build until this has been resolved ,

  2. Building for a bang?

    Ed: I expect that some of the building will not go ahead as sales are likely to fall as a result of the pandemic. March’s sales figure will be out around 5 April – and I’ll be reporting.

Comments are closed.

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