New home building permits up 25 %

The number of new homes in Cyprus for which building permits have been issued rose by 25.3 per cent in September 2017 compared to September 2016 according to the Cyprus Statistical Service.

Filed Under THE NUMBER of building permits authorised in Cyprus during September 2017 stood at 509 compared with the 467 authorised during the same month last year; an increase of 9.0% according to official figures released by the Cyprus Statistical Service. The total value of these permits rose by 17.5% to reach €116.8 million compared to September 2016, while their total area rose by 21.3% to reach 105.4 thousand square metres. During September 2017, building permits were issued for: Residential buildings – 363 permits Non-residential buildings – 93 permits Civil engineering projects – 12 permits Division of plots of land – 31 permits Road construction – 10 permits During the first nine months of 2017, 4,281 building permits have been issued compared to 3,901 in the first nine months of 2016; an increase of 9.7%. The total value of these permits increased by 48.6% and the total area by 40.8%.

 Building permits for new homes

The 363 residential building permits approved in September provided for the construction of 362 new homes (dwellings) comprising 193 single houses and 169 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 25.3% compared with September 2016 when permits were issued for the construction of 289 new homes.

 During the first nine months of 2017, the number of new homes for which building permits have been issued rose by 35.1% to 3,413. Of those 3,413 new homes, 1,247 are being constructed in Limassol, 912 in Nicosia, 555 in Paphos, 491 in Larnaca and 208 in Famagusta. According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.