Sharp rise in new homes construction

THE NUMBER of building permits authorised in January 2017 stood at 465 compared with the 356 authorised during the same period in the previous year; a rise of 30.6 per cent according to official figures released by the Cyprus Statistical Service.

The total value of these permits rose by 48.6% to €108.4 million compared to January 2016, while their total area rose by 27.5% to 88.4 thousand square metres.

During January 2017, building permits were issued for:

• Residential buildings – 296 permits

• Community residences – 2 permits

• Non-residential buildings – 100 permits

• Civil engineering projects – 24 permits

• Division of plots of land – 35 permits

• Road construction – 10 permits

Building permits for new homes

The 296 residential building permits approved in January provided for the construction of 381 new homes comprising 158 single houses and 223 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 56.8% compared with January 2016 when building permits were issued for the construction of 241 new homes.

Building Permits Issued for the Construction of
New Homes (Number of Dwellings)

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