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Monday 19th April 2021
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HomeProperty NewsNew homes construction falls 37 per cent

New homes construction falls 37 per cent

Following the 51% rise in the number of building permits authorised for the construction of new homes in August, September saw a fall of 37%.

In September 2020 a total of 690 building permits were authorised. The total value of these permits reached €218.7 million and the total area 201.7 thousand square metres.

The 690 permits were authorised for:

  • Residential buildings – 470
  • Non-residential buildings – 125
  • Community residences – 3
  • Civil engineering projects – 29
  • Division of plots of land – 49
  • Road construction – 14

Building permits for new homes

The 470 residential building permits authorised provided for the construction of 704 new homes. These comprised 319 single homes; an increase of 45% compared to the 220 authorised in the same period last year – and 385 multiple housing units including apartments, semis, townhouses and other residential complexes; a fall of 56.9% compared to the 894 authorised in September 2019.

Of those 704 new homes, 196 are destined for Limassol, 287 for Nicosia, 87 for Larnaca, 80 for Famagusta and 54 for Paphos.

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%
September
1,114
704
-410
-36.8%
Totals 6,867 6,806 -61 -0.9%

Annual construction figures

A total of 5,106 building permits were authorised during the first nine months of 2020; a fall of 1.8% compared to 5,201 authorised in the same period last year. Their total area fell by 13.9%, their total value fell by 28.6% and the number of new homes fell by 0.9%.

New home construction

The 3,701 residential building permits authorised during the period January to September 2020 provided for the construction of 6,806 new homes; 2,462 in Nicosia, 2,255 in Limassol, 871 in Larnaca, 761 in Paphos and 457 in Famagusta.

While Famagusta and Nicosia have seen an increase in the number of new homes, numbers have fallen in the three remaining districts.

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

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