New home construction rise

The number of permits for the construction of new homes in Cyprus in May 2019 was only 41 less than the total number issued in the first quarter of the year.

The total number of building permits in April 2019 was 520, compared with 531 in April 2018; an increase of 10.9% according to official data published by the Statistical Service of Cyprus and provided for the construction of 742 new homes. Compared with April 2018, the total value of these permits increased by 596.0% to 742.3 million Euros, and their total area increased by 167.7% to 271.6 thousand square meters.

During April 2019 building permits were issued:

Residential buildings - 374

Uninhabited buildings - 82

Civil engineering projects - 14

Division of land - 39

Road construction - 9 permits

In 374 permits for the construction of residential facilities approved in April 2019, construction of 276 individual houses is provided (compared to 262 in April 2018) and 98 apartment buildings, including apartments, townhouses, etc. (compared to 79 in April 2018 ). Of these 742 new homes, 284 are in Limassol, 199 are in Nicosia, 119 are in Larnaca, 109 are in Paphos and 31 are in Famagusta.

During the four months of 2019, a total of 2111 building permits were issued, compared with 1984 in the corresponding period in 2018; an increase of 56.4%, while their total cost and area increased by 133.4% and 45.4%, respectively.

During this period, 2111 building permits were issued for 1,003 new houses in Limassol, 738 in Nicosia, 390 in Larnaca, 287 in Paphos and 63 in Famagusta.

According to the statistical service of Cyprus, building permits are a major indicator of future activities in the construction sector.