Permits for new homes up 44.6 per cent

The number of building permits for the construction of new homes in Cyprus rose 44.6 per cent in April 2018 compared to April 2017 providing for the construction of 418 new homes.

THE TOTAL number of building permits authorised in Cyprus during April 2018 stood at 469 compared with the 410 authorised during April 2017; a rise of 2.0% according to official figures released by the Cyprus Statistical Service.

Compared to April 2017 the total value of these permits rose by 18.9% to reach €106.6 million, their total area rose by 15.8% to reach 101.5 thousand square metres and provided for the construction of 418 new homes. During April 2018, building permits were issued for:

Residential buildings – 341 permits

Community buildings – 0 permits

Non-residential buildings – 75 permits

Civil engineering projects – 18 permits

Division of plots of land – 24 permits

Road construction – 11 permits

 

Building permits for new homes

The 314 residential building permits approved in April provided for the construction of 418 new homes (dwellings). These comprised 262 single houses (compared with 233 in April 2017) and 79 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 62 in April 2017); a rise of 27.4%.

Of those 418 new homes, 119 are destined for Limassol, 166 for Nicosia, 68 for Paphos, 48 for Larnaca, and 17 for Famagusta. 

During the first four months of 2018, 1,984 building permits were issued compared to the 1,861 issued in the same period last year. The total value of these permits increased by 27.5% and the total area by 24.5%.

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