Cyprus Property News magazine for overseas buyers & real estate investors

Friday 3rd July 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)

Month2019 (Dwellings)2020 (Dwellings)Increase/Decrease%age Change
January54869614827.0%
February57668010418.1%
Totals1,1241,37625222.4%

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.

WEATHER FORECAST

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1087
RUB
0.0124
CNY
0.1259
CHF
0.9413

TOP STORIES

Commission approves Cyprus’ airlines incentive scheme

The European Commission has approved a €6.3 million Cypriot incentive scheme towards airlines affected by the coronavirus outbreak, supporting tourism and possibly the overseas property market.

Cyprus property sales recovering

Property sales in Cyprus showed signs of making a recovery in June following the Government's easing of lockdown measures and its decision to subsidise housing loans.

Cyprus tightens grip on ‘golden passport’ scheme

Cyprus has not processed any passport applications of a foreign investor since January, pending the approval of tougher criteria regulating the Citizenship for Investment Scheme.

Guide to residency in Cyprus

This guide to residency in Cyprus for UK nationals has been issued by the British High Commission in Nicosia to explain the importance of obtaining or updating their residency status.