Cyprus Property News for home buyers and real estate investors

Wednesday 2nd December 2020
Home Property Statistics Sharp rise in new homes construction

Sharp rise in new homes construction

There was a sharp rise in the number of building permits authorised in August for the construction of new homes according to official statistics released by the Cyprus Statistical Service.

In August 2020 a total of 523 building permits were authorised. The total value of these permits reached €192.1 million and the total area 147.6 thousand square metres.

The 523 permits were authorised for:

  • Residential buildings – 373
  • Non-residential buildings – 66
  • Community residences – 1
  • Civil engineering projects – 21
  • Division of plots of land – 52
  • Road construction – 10

Building permits for new homes

The 373 residential building permits authorised provided for the construction of 790 new homes. These comprised 311 single homes; an increase of 43.3% compared to the 217 authorised in the same period last year – and 479 multiple housing units including apartments, semis, townhouses and other residential complexes; an increase of 55.5% compared to the 208 authorised in August 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%
August
525
790
265
50.5%
Totals 5,753 6,102 349 6.1%

Of those 790 new homes, 304 are destined for Limassol, 191 for Nicosia, 146 for Larnaca, 133 for Paphos and 16 for Famagusta.

Annual construction figures

A total of 4,416 building permits were authorised during the first eight months of 2020; a fall of 3.6% compared to 4,579 in the same period last year. Their total area fell by 7.2%, their total value fell by 19.1%. However, the number of permits authorised for the construction of new homes rose by 6.1%.

New home construction

The 3,228 residential building permits authorised during the period January to August 2020 provided for the construction of 6,102 new homes; 2,175 in Nicosia, 2,059 in Limassol, 784 in Larnaca, 707 in Paphos and 377 in Famagusta.

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

1 COMMENT

  1. Why would anyone buy a new home in Cyprus? You have a piece of paper loosely referred to as a ‘Contract of Sale’. You don’t know what you’ll get. Yes you have plans but the finished villa may not even resemble the final build. And then what do you do? Sue for breach of contract when the reality is you will spend thousands and many years and get nowhere. You will spend at least another ten years before you own the villa, if you’re lucky and the developer hasn’t got a mortgage on the land which the bank own, or if the developer goes under your villa, fully paid for by you will get sold as part of the assets of the company.

    Best to buy a ready build, you see what you’ve got, and at the same time make sure there are title deeds and no mortgage on the land.

    Some people are lucky and have no problems, for the majority it is a nightmare where you lose every penny you’ve paid up front. It’s a gamble and you pay a 15% surcharge for a new build with all its problems.

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