Home Property Statistics Building permits fall in value and area

Building permits fall in value and area

Cyprus building a home

The October 2021 figures show that a total of 663 building permits were authorised during the month; an increase of 13.7% compared to the number authorised in October 2020. However, their total value fell by 33.4% to 173.7 thousand square metres and their total area fell by 27.4% to €186.0 million compared to the corresponding month in 2020.

The October 2021 permits provided for the construction of 801 new homes (dwelling units), a fall of 11.3% from the 903 new homes authorised in October 2020.

The 663 permits were authorised for the following:

  • Residential buildings – 463
  • Non-residential buildings – 97
  • Civil engineering projects – 41
  • Division of plots of land – 50
  • Road construction – 12

New home construction

The 463 permits issued for the construction of residential buildings provided for the construction of 801 new homes, comprising:

  • Single houses – 231
  • Buildings comprising two units – 81
  • Residential apartment blocks – 462
  • Residential/commercial apartment blocks – 27

Of those 801 new homes, 325 are destined for Nicosia, 256 for Limassol, 139 for Larnaca, 52 for Paphos, and 29 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%
October
903
801
-102
-11.3%
Totals 7,709 8,548 839 10.9%

Building permits: year to date

During the first ten months of 2021, 6,671 permits were issued compared to 5,689 in the same period in 2020; an increase of 17.3%. While the total value of these permits fell by 8.2%, their total area rose by 3.1%.

These permits provided for the construction of 8,548 new homes, an increase of 10.9% compared to the 7,709 new homes authorised in the same period last year.

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

Further reading

Building Permits: October 2021

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