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7th October 2022
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HomeProperty StatisticsBuilding permits fall in value and area

Building permits fall in value and area

The number of building permits authorized in Cyprus during May 2022 stood at 761. The total value of these permits reached €248.0 million and their total area 224.8 thousand square meters. These building permits provide for the construction of 893 dwelling units.

Compared to May 2021, the number of permits issued rose by 20.2%, while their total value and area fell -19.4% and -16.4% respectively.

The 761 permits were authorised for the following:

  • Residential buildings – 506 (up 11.7% from the 453 authorised in May 2021)
  • Non-residential buildings – 133 (up 22.0% from the 109 authorised in May 2021)
  • Civil engineering projects – 57 (up 119.2% from the 26 authorised in May 2021)
  • Division of plots of land – 48 (up 23.1% from the 39 authorised in May 2021)
  • Road construction – 17 (up 183.3% from the 6 authorised in May 2021)

Permits for new homes

The 506 residential permits provided for the construction of 893 new homes (dwellings). These comprised:

  • Single houses – 276 (-16.8% from 280 in May 2021)
  • Two or more housing units – 617 (-24.3% from 74 in May 2021) including:
    • Residential apartment blocks – 480 (-54.9% from 572 in May 2021)
    • Residential/commercial apartment blocks – 50 (up 86.2% from 29 in May 2021)

Of those 893 new homes, 385 are destined for Nicosia, 228 for Limassol, 140 for Larnaca, 128 for Paphos and 12 for Famagusta.

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

Month 2021 (Dwellings) 2022 (Dwellings) Increase/Decrease Change
January 702 640 -62 -8.8%
February 663 901 238 35.9%
March 1033 962 -71 -6.9%
April 955 601 -354 -37.1%
May 1061 893 -168 -15.8%
Totals 4414 3997 -417 -9.4%

Building permits year to date

During the first five months of 2022, 3,272 permits were issued compared to 3,157 in the same period last year; an increase of 3.6%. However, the total value of these permits fell -6.8%, their total area fell -9.4% and the number of dwelling units also fell -9.4%.

Cyprus building permits 2020 to May-2022

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

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