New home building permits up 41 per cent

The number of new homes in Cyprus for which building permits have been issued rose by 41.4 per cent in October 2017 compared to October 2016 according to the Cyprus Statistical Service.
THE NUMBER of building permits authorised in Cyprus during October 2017 stood at 536 compared with the 449 authorised during the same month last year; an increase of 19.4% according to official figures released by the Cyprus Statistical Service.

The total value of these permits rose by 8.9% to reach €195.0 million compared to October 2016, while their total area rose by 26.0% to reach 105.4 thousand square metres.

During October 2017, building permits were issued for:

Residential buildings – 384 permits

Community residencies – 1 permit

Non-residential buildings – 95 permits

Civil engineering projects – 23 permits

Division of plots of land – 26 permits

Road construction – 7 permits

During the first ten months of 2017, 4,817 permits were issued compared to 4,350 in the first ten months of 2016; an increase of 10.7%. The total value of these permits has increased by 37.8% and the total area by 35.5%.

Building permits for new homes

The 384 residential building permits approved in October provided for the construction of 543 new homes (dwellings) comprising 211 single houses and 332 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 41.4% compared with October 2016 when permits were issued for the construction of 384 new homes.

During the first ten months of 2017, the number of new homes for which permits have been issued rose by 35.9% to reach 3,956. Of those 3,956 new homes, 1,383 are being built in Limassol, 1,149 in Nicosia, 623 in Paphos, 538 in Larnaca and 263 in Famagusta. According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.