Permits for new homes up 12.5 per cent

THE TOTAL number of building permits authorised in Cyprus during February 2018 stood at 481 compared with the 444 authorised during February 2017; an increase of 8.3% according to official figures released by the Cyprus Statistical Service.

Compared to February 2017 the total value of these permits rose by 35.3% to reach €213.2 million, their total area rose by 27.7% to reach 207.8 thousand square metres and provided for the construction of 431 new homes.

During February 2018, building permits were issued for:

• Residential buildings – 334 permits

• Community buildings – 2 permits

• Non-residential buildings – 88 permits

• Civil engineering projects – 11 permits

• Division of plots of land – 35 permits

• Road construction – 11 permits

Building permits for new homes

The 334 residential building permits approved in February provided for the construction of 431 new homes (dwellings). These comprised 256 single houses (compared with 255 in February 2017) and 78 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 63 in February 2017); a rise of 12.5%.

Of those 431 new homes, 183 are destined for Nicosia, 138 for Limassol, 62 for Larnaca, 33 for Paphos, and 15 for Famagusta.

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.