THE CYPRUS construction sector maintained its strong growth in February 2020 with 591 building permits issued compared to 525 in February 2019; an increase of 12.6% according to official figures released by the Cyprus Statistical Service.
Although the number of permits rose, their total area fell by 15.9% and their total value fell by 0.5%, reaching 149.7 thousand square metres and €167.5 million respectively.
They provided for the construction of 680 new homes, an increase of 18.1% compared to 576 in February 2019.
During February 2020, the 591 permits were authorised for:
- Residential buildings – 417
- Non-residential buildings – 77
- Community residences – 3
- Civil engineering projects – 31
- Division of plots of land – 43
- Road construction – 20
Building permits for new homes
The 417 residential permits provided for the construction of 680 new homes (dwellings). These comprised 264 single houses; an increase of 19.5% compared to the 221 authorised in February 2019. And 416 multiple housing units including apartments, semis, townhouses and other residential complexes; an increase of 17.2% compared to the 355 authorised in February 2019.
Building Permits Issued for the Construction of New Homes
(Number of Dwellings)
| Month | 2019 (Dwellings) | 2020 (Dwellings) | Increase/Decrease | %age Change |
|---|---|---|---|---|
| January | 548 | 696 | 148 | 27.0% |
| February | 576 | 680 | 104 | 18.1% |
| Totals | 1,124 | 1,376 | 252 | 22.4% |
Of those 680 new homes, 262 are destined for Limassol, 255 for Nicosia, 109 for Larnaca, 44 for Paphos and 10 for Famagusta.
Annual construction figures
A total of 1,129 building permits were authorised during January and February 2020, compared to 1,069 in the same period last year. Their total value increased by 20.9% and their total area by 10.7%. The number of permits authorised for the construction of new homes rose by 4.2%.
The 815 residential building permits authorised during January and February provided for the construction of 1,376 new homes; 527 in Limassol, 440 in Nicosia, 187 in Larnaca, 118 in Paphos and 104 in Famagusta.
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.