Cyprus Property News for home buyers and real estate investors

Saturday 5th December 2020
Home Property Statistics Building permits maintaining strong growth

Building permits maintaining strong growth

THE CYPRUS construction sector maintained its strong growth in February 2020 with 591 building permits issued compared to 525 in February 2019; an increase of 12.6% according to official figures released by the Cyprus Statistical Service.

Although the number of permits rose, their total area fell by 15.9% and their total value fell by 0.5%, reaching 149.7 thousand square metres and €167.5 million respectively.

They provided for the construction of 680 new homes, an increase of 18.1% compared to 576 in February 2019.

During February 2020, the 591 permits were authorised for:

  • Residential buildings – 417
  • Non-residential buildings – 77
  • Community residences – 3
  • Civil engineering projects – 31
  • Division of plots of land – 43
  • Road construction – 20

Building permits for new homes

The 417 residential permits provided for the construction of 680 new homes (dwellings). These comprised 264 single houses; an increase of 19.5% compared to the 221 authorised in February 2019. And 416 multiple housing units including apartments, semis, townhouses and other residential complexes; an increase of 17.2% compared to the 355 authorised in February 2019.

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

Month 2019 (Dwellings) 2020 (Dwellings) Increase/Decrease %age Change
January 548 696 148 27.0%
February 576 680 104 18.1%
Totals 1,124 1,376 252 22.4%

Of those 680 new homes, 262 are destined for Limassol, 255 for Nicosia, 109 for Larnaca, 44 for Paphos and 10 for Famagusta.

Annual construction figures

A total of 1,129 building permits were authorised during January and February 2020, compared to 1,069 in the same period last year. Their total value increased by 20.9% and their total area by 10.7%. The number of permits authorised for the construction of new homes rose by 4.2%.

The 815 residential building permits authorised during January and February provided for the construction of 1,376 new homes; 527 in Limassol, 440 in Nicosia, 187 in Larnaca, 118 in Paphos and 104 in Famagusta.

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

CYPRUS WEATHER FORECAST

EURO EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1086
RUB
0.0111
CNY
0.1263
CHF
0.9256

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