Cyprus Property News for home buyers and real estate investors

Tuesday 1st December 2020
Home Property Statistics Small increase in the construction of new homes

Small increase in the construction of new homes

The Cyprus construction sector staged a slight recovery May falling by just 0.1% compared to May 2019, the month that the Covid-19 containment measures started to be lifted, according to official figures released by the Cyprus Statistical Service earlier today, with 708 building permits issued compared to 709 in May 2019.

The total area of the permits fell by fell by 22.3% and their total value fell by 5.4%, reaching 200.9 thousand square metres and €274.3 million respectively.

They provided for the construction of 956 new homes, an increase of 5.4% compared to 907 in May 2019.

During May 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 505 residential permits provided for the construction of 956 new homes (dwellings). These comprised 390 single houses; a fall of 1.3% compared to the 221 authorised in May 2019. And 155 multiple housing units including apartments, semis, townhouses and other residential complexes; an increase of 20.2% compared to the 129 authorised in May 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%
May 907 956 49 5.4%
Totals 3,388 3,195 -193 -5.7%

Of those 956 new homes, 360 are destined for Nicosia, 272 for Limassol, 119 for Paphos, 108 for Famagusta and 97 for Larnaca.

Annual construction figures

A total of 1,129 building permits were authorised during the period January to May 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 1,792 residential building permits authorised during the period January to May 2020 provided for the construction of 3,195 new homes; 1,142 in Nicosia, 1,036 in Limassol, 399 in Larnaca, 367 in Paphos and 251 in Famagusta.

The number of permits for new homes has fallen by 5.7% during the period January to May 2020 compared the same period last year. Although the numbers in Larnica, Limassol and Paphos have fallen by 27.1%, 18.0% and 13.4% respectively, they’ve risen by 133% in Famagusta and 9.3% in the capital Nicosia.

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

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