Permits for new homes

The number of new homes in Cyprus for which building permits have been issued fell by 18.1 per cent in December 2017 compared to December 2016 according to the Cyprus Statistical Service.

The number of building permits authorised in Cyprus during December 2017 stood at 437 compared with the 454 authorised during the same month in 2016; a fall of 3.7% according to official figures released by the Cyprus Statistical Service

However, the total value of these permits rose by 16.7% to reach €151.4 million compared to December 2016, while their total area rose by 65.8% to reach 187.9 thousand square metres.

During December 2017, building permits were issued for:

Residential buildings – 301 permits

Community residencies – 2 permits

Non-residential buildings – 85 permits

Civil engineering projects – 18 permits

Division of plots of land – 26 permits

Road construction – 5 permits

During 2017, 5,728 permits were issued compared to 5,354 in 2016; an increase of 7.0%. The total value of these permits has increased by 48.6% and the total area by 47.3%.

Building permits for new homes

The 301 residential building permits approved in December 2017 provided for the construction of 325 new homes (dwellings). These comprised 169 single houses (compared with 213 in December 2016) and 156 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 184 in December 2016); a fall of 18.1% compared with December 2016 when permits were issued for the construction of 397 new homes.

During 2017, the number of new homes for which permits have been issued rose by 35.4% to reach 4,939. Of those 4,939 new homes, 1,863 are destined to be built in Limassol, 1,395 in Nicosia, 743 in Paphos, 666 in Larnaca and 272 in Famagusta. According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.