Fewer new homes in November

THE TOTAL number of building permits authorised in Cyprus during November 2018 stood at 597 compared with the 474 authorised during November 2017; a rise of 25.9% and provided for the construction of 580 new homes according to official figures published by the Cyprus Statistical Service.

Compared to November 2017, the total value of all building permits fell by 49.3% to €156.6 million and their total area fell by 32.9% to 151.5 thousand square metres.

During November 2018, building permits were issued for:

• Residential buildings – 404 permits

• Community residences – 2 permits

• Non-residential buildings – 131 permits

• Civil engineering projects – 15 permits

• Division of plots of land – 39 permits

• Road construction – 6 permits

The 404 residential building permits approved in November provided for the construction of 580 new homes (dwellings) comprising 235 single houses and 345 multiple housing units such as apartments, semis, townhouses and other residential complexes.

Of those 580 new homes, 210 are destined for Limassol, 200 for Nicosia, 114 for Larnaca, 52 for Paphos and 4 for Famagusta.

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

During the period January – November 2018, 5,929 building permits were issued compared to 5,291 in the corresponding period in 2017; an increase of 12.1%, while their total value and area increased by 20.9% and 17.1% respectively.

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