Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 30th September 2020
Home Property Statistics Building permits falter in March

Building permits falter in March

In March 2020, the month during which Cyprus introduced COVID-19 containment measures, 397 building permits were issued; a fall of 23.9% compared to 522 in the same month last year according to official figures released by the Cyprus Statistical Service.

The total area of the permits fell by 4.5% and their total value fell by 21.6%, reaching 135.7 thousand square metres and €139.8 million respectively.

The permits provided for the construction of 524 new homes, a fall of 14.8% compared to 615 in March 2019.

During March 2020, the 397 permits were authorised for:

  • Residential buildings – 286 permits
  • Non-residential buildings – 56 permits
  • Civil engineering projects – 16 permits
  • Division of plots of land – 25 permits
  • Road construction – 14 permits

Building permits for new homes

The 286 residential permits provided for the construction of 524 new homes (dwellings). These comprised 206 single houses; a fall of 27.7% compared to the 285 authorised in March 2019 – and 80 multiple housing units including apartments, semis, townhouses and other residential complexes; a fall of 19.2% compared to the 99 authorised in March 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%
March 615 524 -91 -14.8%
Totals 1,739 1,900 161 9.3%

Of those 524 new homes, 178 are destined for Nicosia, 155 for Limassol, 122 for Paphos, 35 for Famagusta and 34 for Larnaca.

Annual construction figures

A total of 1,526 building permits were authorised during the first quarter of 2020, compared to 1,591 in the same period last year. Their total value rose by 4.6% and their total area by 5.7%. The number of permits authorised for the construction of new homes fell by 5.6%.

The 1,101 residential building permits authorised during the first quarter of 2020 provided for the construction of 1,900 new homes; 682 in Limassol, 618 in Nicosia, 240 in Paphos, 221 in Larnaca and 139 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
1.0952
RUB
0.0108
CNY
0.1249
CHF
0.9256

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