There was a sharp rise in the number of building permits authorised in August for the construction of new homes according to official statistics released by the Cyprus Statistical Service.
In August 2020 a total of 523 building permits were authorised. The total value of these permits reached €192.1 million and the total area 147.6 thousand square metres.
The 523 permits were authorised for:
- Residential buildings – 373
- Non-residential buildings – 66
- Community residences – 1
- Civil engineering projects – 21
- Division of plots of land – 52
- Road construction – 10
Building permits for new homes
The 373 residential building permits authorised provided for the construction of 790 new homes. These comprised 311 single homes; an increase of 43.3% compared to the 217 authorised in the same period last year – and 479 multiple housing units including apartments, semis, townhouses and other residential complexes; an increase of 55.5% compared to the 208 authorised in August 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% |
| March | 615 | 524 | -91 | -14.8% |
| April | 742 | 339 | -403 | -54.3% |
| May | 907 | 956 | 49 | 5.4% |
| June | 812 | 976 | 470 | 20.2% |
| July | 1,028 | 1,141 |
113 |
11.0% |
| August |
525 |
790 |
265 |
50.5% |
| Totals | 5,753 | 6,102 | 349 | 6.1% |
Of those 790 new homes, 304 are destined for Limassol, 191 for Nicosia, 146 for Larnaca, 133 for Paphos and 16 for Famagusta.
Annual construction figures
A total of 4,416 building permits were authorised during the first eight months of 2020; a fall of 3.6% compared to 4,579 in the same period last year. Their total area fell by 7.2%, their total value fell by 19.1%. However, the number of permits authorised for the construction of new homes rose by 6.1%.
New home construction
The 3,228 residential building permits authorised during the period January to August 2020 provided for the construction of 6,102 new homes; 2,175 in Nicosia, 2,059 in Limassol, 784 in Larnaca, 707 in Paphos and 377 in Famagusta.
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.