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Growth in construction continues

15.02.2020

Strong growth in the Cyprus construction sector continued in November with permits for the construction of 909 new homes, according to official statistics from the Cyprus Statistical Service.

The construction industry in Cyprus maintained strong growth in November 2019, issuing 707 permits compared to 597 in November 2018; an increase of 18.4% according to official data published by the Statistical Service of Cyprus.

The total cost of these permits increased by 29.6% to 332.4 million Euros, and their total area increased by 46.6% to 222.4 thousand square meters compared to November 2018.

These permits allowed the construction of 909 new homes, an increase of 56.7% compared with 580 in November 2018.

During November 2019, building permits were issued for:

residential buildings - 492 permits

Public Residences - 1 Permission

Non-residential buildings - 122

Civil Engineering Projects - 36 Permits

Section of land - 42 permits

Road construction - 14 permits

492 permits for the construction of residential buildings approved in November 2019 stipulate the construction of 909 new houses: 359 individual houses, which is 17.3% more than 306 approved in November 2018, and 133 multi-apartment buildings, including apartments, , townhouses, etc; an increase of 35.7% compared with 98 approved in November 2018.

Of these 909 new homes, 351 are for Limassol, 314 for Nicosia, 90 for Larnaca, 116 for Paphos and 38 for Famagusta.

In the period from January to November 2019, a total of 5571 construction permits were issued, compared to 5929 for the same period in 2018. Their total value increased by 73.8%, and the total area - by 44.6%. The number of permits for the construction of new houses increased by 49.6%.

2,234 residential building permits issued from January to November 2019 included the construction of 3,463 new homes in Limassol, 2,674 in Nicosia, 1,054 in Larnaca, 1,004 in Paphos and 325 in Famagusta.

According to the Cyprus Statistical Service, building permits are a key indicator of future activities in the construction sector.

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