Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 29th October 2020
Home Property Statistics COVID-19 hits new home construction in Cyprus

COVID-19 hits new home construction in Cyprus

In April 2020, the second month during which COVID-19 containment measures continued to apply in Cyprus, 195 building permits were issued; a fall of 62.5% compared to April 2019 according to official figures released by the Cyprus Statistical Service.

The total value of these permits fell by 89.1% and their total area by 77.1%, reaching €81.1 million 62.3 thousand square metres respectively.

These building permits authorised the construction of 339 new homes, a fall of 54.3% compared to the 742 authorised in April 2019.

During April 2020, the 195 permits were authorised for:

  • Residential buildings – 145 permits
  • Community residences – 1 permit
  • Non-residential buildings – 20 permits
  • Civil engineering projects – 12 permits
  • Division of plots of land – 14 permits
  • Road construction – 3 permits

Building permits for new homes

The 145 residential permits provided for the construction of 339 new homes (dwellings). These comprised 85 single houses; a fall of 69.2% compared to the 276 authorised in April 2019 – and 60 multiple housing units including apartments, semis, townhouses and other residential complexes; a fall of 38.8% compared to the 98 authorised in April 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%
April 742 339 -403 -54.3%
Totals 2,481 2,239 -242 -9.8%

Of those 339 new homes, 164 are destined for Nicosia, 82 for Limassol, 81 for Larnaca, 8 for Paphos and 4 for Famagusta.

Annual construction figures

A total of 1,721 building permits were authorised during the first four months of 2020, compared to 2,111 in the same period last year. Their total value rose fell by 53% and their total area fell by 26.5%. The number of permits authorised for the construction of new homes fell by 9.6%.

The 1,247 residential building permits authorised during the first four months of 2020 provided for the construction of 2,239 new homes; 782 in Nicosia, 764 in Limassol, 248 in Paphos, 302 in Larnaca and 143 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
0.0107
CNY
0.1271
CHF
0.9350

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