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New home construction steadies

Despite a fall in the number of building permits authorised for building new homes in November 2020 compared to the same month in 2019, annual numbers are steady according to official figures.

During November 2020 a total of 686 building permits were authorised by the municipal authorities and the district administration offices. The total value of these permits reached €295.6 million and their total area 228.4 thousand square metres.

The 686 permits were authorised for:

  • Residential buildings – 485
  • Community residences – 3
  • Non-residential buildings – 86
  • Civil engineering projects – 51
  • Division of plots of land – 42
  • Road construction – 19

Building permits for new homes

The 485 residential building permits authorised provided for the construction of 831 new homes. These comprised 353 single homes; a fall of 1.7% compared to the 359 authorised in the same period last year – and 132 multiple housing units including apartments, semis, townhouses and other residential complexes; an fall of 0.8% compared to the 133 authorised in November 2019.

Of those 831 new homes, 321 are destined for Limassol, 315 for Nicosia, 87 for Larnaca, 67 for Famagusta and 41 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%
October
744
903
159
21.4%
November
909
831
-78
-8.6%
Totals 8,520 8,540 20 0.2%

Annual construction figures

A total of 6,375 building permits were authorised during the first eleven months of 2020; a fall of 3.0% compared to 6,571 authorised during the same period in 2019. Their total area fell by 23.0%, their total value fell by 8.8%, while the number of new homes fell by 0.2%.

New home construction

The 4,606 residential building permits authorised during the period January to November 2020 provided for the construction of 8,540 new homes; 3,035 in Limassol, 3,022 in Nicosia, 1,057 in Larnaca, 888 in Paphos and 538 in Famagusta.

While Famagusta, Nicosia and Larnaca have seen an increase in the number of new homes, numbers have fallen in Limassol (-12.4%) and Paphos (-11.6%).

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

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