Cyprus Building Permits on the Rise

The number of Cyprus building permits authorised rose in July, according to the latest official figures released by the Cyprus Statistical Service.

Cyprus building permits authorised in July numbered 743 compared with the 589 authorised during July 2018; an increase of 26.1 per cent.

The total value of these Cyprus building permits rose 16.6 per cent to reach €208.7 million and their total area by 9.1 per cent to reach 236.8 thousand square metres compared to July 2018.

These Cyprus building permits provided for the construction of 1,028 new homes, an increase of 62.7 per cent compared to the 632 new homes in July 2018.

During July 2019, building permits were authorised for:

Residential buildings – 517 permits

Community residences – 2 permits

Non-residential buildings – 119 permits

Community residences – 2 permits

Civil engineering projects – 29 permits

Division of plots of land – 53 permits

Road construction – 23 permits

The 517 residential Cyprus building permits authorised in July 2019 provided for the construction of 1,028 new homes (dwellings). These comprised 328 single houses (compared with 365 in July 2018) and 700 multiple housing units including apartments, semis, townhouses and other residential complexes (compared with 267 in July 2018).

During the period January – July 2019, a total of 4,136 building permits were authorised compared to 3,699 in the same period last year, as demand from Cypriot nationals and overseas property investors continues to grow. Their total value increased by 91.8 per cent and their total area by 42.5 per cent.

The number of new homes authorised rose by 50.6 per cent. The 2,996 residential permits issued this year provided for the construction of 1,993 new homes in Limassol, 1,635 in Nicosia, 764 in Larnaca, 657 in Paphos and 239 in Famagusta.

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