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7th October 2022
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HomeProperty StatisticsBuilding permits faltering

Building permits faltering

The number of building permits authorized in Cyprus during June 2022 stood at 626. The total value of these permits reached €220.1 million and their total area 202.1 thousand square meters. These building permits provide for the construction of 1,146 dwelling units.

Compared to June 2021, the number of permits issued fell -24.8%, while their total value and area fell -18.6% and -23.4% respectively.

The 626 permits were authorised for the following:

  • Residential buildings – 433 (-27.1% from 594 in June 2021)
  • Non-residential buildings – 95 (-29.1% from 134 in June 2021)
  • Civil engineering projects – 48 (up 50.0% from 32 in June 2021)
  • Division of plots of land – 38 (-30.9% from 55 in June 2021)
  • Road construction – 12 (-33.3% from 18 in June 2021)

Permits for new homes

The 433 residential permits provided for the construction of 1,146 new homes (dwellings), comprising:

  • Single houses – 253 (-33.6% from 381 in June 2021)
  • Two housing units – 79 (-34.2% from 120 in June 2021)
  • Residential apartment blocks – 780 (up 60.5% from 486 in June 2021)
  • Residential/commercial apartment blocks – 34 (up 209.1% from 11 in June 2021)

Of those 1,146 new homes, 317 are destined for Nicosia, 537 for Limassol, 170 for Larnaca, 84 for Paphos and 38 for Famagusta.

There’s a significant shift from the construction of single houses and semis to apartments, which may be attributed to the increased costs of building materials, energy and inflation that stood at 10.60% at the end of July but fell back to 8.90% by the end of August.

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%
June 998 1146 148 14.8%
Totals 5412 5143 -269 -5.0%

Building permits year to date

During the first half of 2022, 3,898 permits were issued compared to 3,990 in the same period last year; down -2.3%. The total value of these permits fell -9.1%, their total area fell -12.4%, while the total number of dwelling units fell -4.8%.

The only district where more new homes are being built is Nicosia where numbers are up 12.4% compared to the first half of last year and currently stand at 1,892. In the remaining four districts number are down -1.8% in Limassol, -16.2% in Paphos, -26.1% in Larnaca and -30.6% in Famagusta.

Cypru Building Permits June 2022

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

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