Cyprus Property News for home buyers and real estate investors

Wednesday 2nd December 2020
Home Property Statistics New homes construction recovering

New homes construction recovering

The number of new homes for which building permits have been issued so far this year, which suffered during the COVID-19 lockdown, have recovered and are now ahead of the number issued during the same period last year.

The statistical service reports that during July 2020 the number of building permits authorised stood at 740. The value of these permits reached €441.8 million and their total area 340.2 thousand square metres.

Those 740 permits were authorised for:

  • Residential buildings – 538
  • Non-residential buildings – 108
  • Community residences – 1
  • Civil engineering projects – 31
  • Division of plots of land – 47
  • Road construction – 15

Building permits for new homes

The 538 residential building permits provided for the construction of 1,141 new homes (dwellings). These comprised 364 single houses; an increase of 0.8% compared to the 361 authorised in July 2019 – and 174 multiple housing units including apartments, semis, townhouses and other residential complexes; an increase of 20.2% compared to the 129 authorised in July 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%
June 812 976 470 20.2%
July 1,028 1,141
113
11.0%
Totals 5,228 5,312 84 1.6%

Of those 1,141 new homes, 510 are destined for Nicosia, 383 for Limassol, 112 for Larnaca, 84 for Paphos and 52 for Famagusta.

Annual construction figures

A total of 3,893 building permits were authorised during the period January to July 2020; a fall of 5.9% compared to 4,136 in the same period last year. Their total area fell by 7.5%, their total value fell by 22.3%. However, the number of permits authorised for the construction of new homes rose by 1.6%.

The 2,854 residential building permits authorised during the period January to July 2020 provided for the construction of 5,312 new homes; 1,984 in Nicosia, 1,755 in Limassol, 638 in Larnaca, 574 in Paphos and 361 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
1.1077
RUB
0.0110
CNY
0.1265
CHF
0.9228

TOP STORIES

you're currently offline