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.



EUR - Euro Member Countries


EU vows to take aim at ‘golden visa’ programmes

For years, wealthy Chinese have made investments in Cyprus and Malta in exchange for European Union passports – so-called golden visa transactions. Now, Brussels...

Wealthy Britons turn to Cypriot citizenship

The number of British entrepreneurs looking to "buy" citizenship from countries offering visa-free access to the European Union has risen sharply, investment migration firms...

Mixed outlook for real estate

BNP Paribas has released its second 2020 report regarding the property market outlook post-pandemic, presenting forecasts about real estate in uncertain times. The obvious differentiation...

you're currently offline