Cyprus Property News magazine for overseas buyers & real estate investors

Friday 10th July 2020
Home Property Statistics Building permits authorised for 907 new homes

Building permits authorised for 907 new homes

THE CONSTRUCTION of 696 new homes was authorised in January 2020 compared to the 548 authorised in January 2019 according to official statistics from the Cyprus Statistical Service; an increase of 27.0%.

Th strong growth in the island’s construction sector continued in January 2020 with 538 building permits issued compared to 548 in January 2019. Although the number issued fell by 1.1%:

  • Their total value of these permits rose by 51.6% to reach €178.5 million.
  • Their total area rose by 55.0% to reach 165.8 thousand square metres compared to January 2019.
  • They provided for the construction of 696 new homes, an increase of 27.0% compared to 548 in January 2019.

During January 2020, the 538 building permits were authorised for:

  • Residential buildings – 395
  • Non-residential buildings – 73
  • Civil engineering projects – 18
  • Division of plots of land – 36
  • Road construction – 16

Building permits for new homes

The 395 residential permits provided for the construction of 696 new homes (dwellings). These comprised 216 single houses, an increase of 2.9% compared to the 210 authorised in January 2019, and 480 multiple housing units including apartments, semis, townhouses and other residential complexes; an increase of 42.0% compared to the 388 authorised in January 2019.

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

Month2019 (Dwellings)2020 (Dwellings)Increase/Decrease%age Change
January54869614827.0%
Totals54869614827.0%

Of those 696 new homes, 265 are destined for Limassol, 185 for Nicosia, 94 for Famagusta 78 for Larnaca and 74 for Paphos.

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

1 COMMENT

Comments are closed.

WEATHER FORECAST

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1171
RUB
0.0125
CNY
0.1267
CHF
0.9422

TOP STORIES

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

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.