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Friday 30th July 2021
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HomeProperty StatisticsSurge in the construction of new homes

Surge in the construction of new homes

March 2021 saw a surge in the planned number of new homes to be built in Cyprus according to the building permit statistics published by the Statistical Service.

During the month a total of 747 building permits were authorised by the municipal authorities and the district administration offices in Cyprus; an increase of 88% compared to the 379 authorised in March 2020.

The total value of these permits reached €199.8 million and their total area 206.1 thousand square meters and provided for the construction of 1,033 new homes.

The 747 permits were authorised for the following:

  • Residential buildings – 534
  • Non-residential buildings – 105
  • Civil engineering projects – 37
  • Division of plots of land – 49
  • Road construction – 22

Building permits for new homes

The 534 residential permits provided for the construction of 663 new homes, comprising:

  • Single houses – 369 (+132.1% compared to March 2020)
  • Buildings with 2 or more units – 96 (-73.7% compared to March 2020)
  • Residential Apartment blocks – 548 (+131.3% compared to March 2020)
  • Residential/Commercial apartment blocks – 20 (+81.8% compared to March 2020)

Building Permits Issued for the Construction of New Homes
(Number of Dwellings)

Month 2020 (Dwellings) 2021 (Dwellings) Increase/Decrease %age Change
January 696 702 6 0.9%
February 680 663 -17 -2.5%
March
524
1,033
509
97.1%
Totals 1,900 2,398 498 26.2%

Of those 1,033 new homes, 415 are destined for Nicosia, 285 for Limassol, 214 for Larnaca, 109 for Paphos and 10 for Famagusta.

Annual construction figures

During the first quarter of 2021, 1,897 building permits were issued compared to 1,526 in the same period last year; an increase of 24.3%. Their total value rose by 9.1%, their total area by 11.9% and the number of new homes by 26.2%.

The 1,362 building permits that were authorised for the construction of new homes during the first quarter of 2021, provided for the construction of 866 new homes in Nicosia, 783 in Limassol, 475 in Larnaca, 239 in Paphos and 35 in Famagusta.

Further reading

CYSTAT press release: Building Permits March 2021

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