The number of building permits authorised in Cyprus during September 2022 stood at 670. The total value of these permits reached €226.9 million and their total area 202.8 thousand square metres. These permits provide for the construction of 687 dwelling units.
Compared to September 2021, the number of permits issued fell -12.8%, their total area fell by -3.8%, but their total value rose by 10.0%.
Building permits and the construction sector in general is being impacted by increasing prices of construction materials, the effects of the war in Ukraine and inflation (that stood at 9.0% at the end of September.)
The 670 permits were authorised for the following:
- Residential buildings – 457 (-11.6% from 517 in September 2021)
- Non-residential buildings – 96 (-33.3% from 114 in September 2021)
- Civil engineering projects – 41 (-18.0% from 50 in September 2021)
- Division of plots of land – 56 (up 21.7% from 46 in September 2021)
- Road construction – 11 (up 81.8% from 11 in September 2021)
Permits for new homes
The 457 residential permits provided for the construction of 760 new homes (dwellings), comprising:
- Single houses – 290 (-11.3% from 327 in September 2021)
- Two housing units – 83 (up 18.6% from 70 in September 2021)
- Dwellings in residential apartment blocks – 374 (-18.2% from 457 in September 2021)
- Dwellings in residential/commercial apartment blocks – 13 (-75.5% from 53 in September 2021)
Of those 760 new homes, 322 are destined for Nicosia, 235 for Limassol, 121 for Larnaca, 48 for Paphos and 34 for Famagusta.
There’s a significant shift from the construction of single houses to apartments, which may be attributed to the increased costs of building materials, energy and inflation (that stood at 8.90% at the end of September.)
Building Permits Issued for the Construction of New Homes
(Number of Dwelling Units)
|Month||2021 (Dwellings)||2022 (Dwellings)||Increase/Decrease||Change|
Building permits year to date
During the first nine months of 2022, 5,701 permits were issued compared to 6,008 in the same period last year; down -5.1%. The total value of these permits fell -1.0%, their total area fell -7.2%, while the total number of dwelling units fell -4.9%.
Although more new homes are being built is Nicosia and Famagusta; up 8.7% and 5.9% respectively, the numbers are down in the three remaining districts; Limassol -7.5%, Paphos -17.0% and Larnaca -18.7%.
According to the Cyprus Statistical Service “Building permits constitute a leading indicator of future activity in the construction sector.”