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28th January 2023
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HomeProperty StatisticsBuilding permits continue to fall

Building permits continue to fall

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
January 702 640 -62 -8.8%
February 663 901 238 35.9%
March 1,033 962 -71 -6.9%
April 955 601 -354 -37.1%
May 1,061 893 -168 -15.8%
June 998 1,146 148 14.8%
July 874 776 -98 -11.2%
August 554 687 133 24.0%
September 970 760 -147 -16.2%
Totals 7,747 7,366 -381 -4.9%

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%.

Building permits 2020-2022

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

 

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