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New Home Construction Doubles

24.03.2020

According to official figures, the number of building permits approved in December 2019 allowed us to build twice as many new houses as allowed in December 2018.

In December 2018, the construction of 1,107 new homes was allowed, compared to 504 approved in December 2018, according to official statistics from the Cyprus Statistical Office; an increase of 119.6%. Strong growth in the island's construction sector continued in December 2019, when 647 building permits were issued, compared with 479 in December 2018.

The total cost of these permits increased by 171.7% and reached 431.2 million Euros, and their total area increased by 108.9% and amounted to 292.3 thousand square meters. m. compared to December 2018. The permits provided for the construction of 1 107 new houses, which is 119.6% more than% compared to 504 in December 2018.

During December 2019, 647 building permits were issued:

- residential buildings - 470

- Non-residential buildings - 90

- Civil Engineering Projects - 32

- Section of land - 37

- Road construction - 18

470 building permits are provided for the construction of 1,110 new homes. They included 356 individual houses, (an increase of 65.6% compared to 215 in December 2018) and 751 multi-apartment complexes, including apartments, town houses and other residential complexes; a huge increase of 159.9% compared with 289 authorized in December 2018.

Annual construction indicators

During 2019, a total of 7,218 building permits were issued, compared to 6,408 in 2018. Their total value increased by 81.4%, and the total area - by 49.8%. The number of building permits allowed for new homes increased by 55.2%. The permission for the construction of 5,197 residential buildings, approved in 2019, provides for the construction of 9,627 new houses; 4,108 in Limassol, 2,875 in Nicosia, 1,158 in Larnaca, 1,084 in Paphos and 402 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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