The number of building permits for the construction of new homes in Cyprus rose 32.8 percent in July 2018 compared to the corresponding month last year providing for the construction of 632 new homes.

THE TOTAL number of building permits authorized in Cyprus during July 2018 stood at 589 compared with the 492 authorized during July 2017; a rise of 19.7% and provided for the construction of 632 new homes according to official figures released by the Cyprus Statistical Service.

Compared to July 2017, the total value of all building permits rose by 25.3% to reach €243.4 million and their total area rose by 23.2% to reach 217.0 thousand square meters.

During July 2018, building permits were issued for:

  • Residential buildings – 396 permits
  • Community buildings – 1 permit
  • Non-residential buildings – 97 permits
  • Civil engineering projects – 29 permits
  • Division of plots of land – 56 permits
  • Road construction – 10 permits

Building permits for new homes

The 396 residential building permits approved in July provided for the construction of 632 new homes (dwellings). These comprised 365 single houses (compared with 259 in July 2017) and 267 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 278 in July 2017); an overall rise of 17.7%.

Of those 632 new residential homes, 202 are scheduled for Limassol 173 for Nicosia, 100 for Famagusta, 85 for Paphos and 72 for Larnaca.

During the first seven months of 2018, 3,699 building permits were issued compared to the 3,362 issued in the same period last year; an increase of 10.0%. The total value of these permits rose by 21.5% and the total area by 25.5%.

According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.


Read more at: © Cyprus Property News