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25th May 2022
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HomeProperty StatisticsBuilding permits increase in area but fall in value

Building permits increase in area but fall in value

The September 2021 figures show that a total of 768 permits were authorised during the month; an increase of 11.3% compared to the number authorised in September 2020. Their area rose 4.5% to 210.7 thousand square metres, while their value by 5.7% to €206.2 million.

The September permits provided for the construction of 907 new homes (dwelling units), an increase of 28.8% from the 704 new homes authorised in September last year.

The 768 permits were authorised for the following:

  • Residential buildings – 517
  • Non-residential buildings – 144
  • Civil engineering projects – 50
  • Division of plots of land – 46
  • Road construction – 11

New home construction

The 570 permits issued for the construction of residential buildings provided for the construction of 907 new homes, comprising:

  • Single houses – 327
  • Buildings comprising two units – 70
  • Residential apartment blocks – 457
  • Residential/commercial apartment blocks – 53

Of those 907 new homes, 331 are destined for Nicosia, 315 for Limassol, 132 for Larnaca, 104 for Paphos, and 25 for Famagusta.

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%
April 339 955 616 181.7%
May 956 1,061 105 11.0%
June 976 998 22 2.3%
July 1,141 874 -267 -23.4%
August
790 554 -236 -29.9%
September
704
907
203
28.8%
Totals 6,806 7,747 941 13.8%

Building permits: year to date

During the first nine months of 2021, 6,008 permits were issued compared to 5,106 in the same period last year; an increase of 17.7%. The total value of these permits fell by -4.6%, while their total area rose by 7.6%.

These permits provided for the construction of 7,747 new homes, an increase of 13.8% compared to the 6,806 new homes authorised in the same period last year.

building statistics
Building permits authorised in 2019, 2020 and 2021

According to the Cyprus Statistical Service “Building permits constitute a leading indicator of future activity in the construction sector.”

Further reading

Building Permits: September 2021

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