The number of building permits authorized in Cyprus during June 2022 stood at 626. The total value of these permits reached €220.1 million and their total area 202.1 thousand square meters. These building permits provide for the construction of 1,146 dwelling units.
Compared to June 2021, the number of permits issued fell -24.8%, while their total value and area fell -18.6% and -23.4% respectively.
The 626 permits were authorised for the following:
- Residential buildings – 433 (-27.1% from 594 in June 2021)
- Non-residential buildings – 95 (-29.1% from 134 in June 2021)
- Civil engineering projects – 48 (up 50.0% from 32 in June 2021)
- Division of plots of land – 38 (-30.9% from 55 in June 2021)
- Road construction – 12 (-33.3% from 18 in June 2021)
Permits for new homes
The 433 residential permits provided for the construction of 1,146 new homes (dwellings), comprising:
- Single houses – 253 (-33.6% from 381 in June 2021)
- Two housing units – 79 (-34.2% from 120 in June 2021)
- Residential apartment blocks – 780 (up 60.5% from 486 in June 2021)
- Residential/commercial apartment blocks – 34 (up 209.1% from 11 in June 2021)
Of those 1,146 new homes, 317 are destined for Nicosia, 537 for Limassol, 170 for Larnaca, 84 for Paphos and 38 for Famagusta.
There’s a significant shift from the construction of single houses and semis to apartments, which may be attributed to the increased costs of building materials, energy and inflation that stood at 10.60% at the end of July but fell back to 8.90% by the end of August.
Building Permits Issued for the Construction of New Homes
(Number of Dwelling Units)
| Month | 2021 (Dwellings) | 2022 (Dwellings) | Increase/Decrease | Change |
|---|---|---|---|---|
| January | 702 | 640 | -62 | -8.8% |
| February | 663 | 901 | 238 | 35.9% |
| March | 1033 | 962 | -71 | -6.9% |
| April | 955 | 601 | -354 | -37.1% |
| May | 1061 | 893 | -168 | -15.8% |
| June | 998 | 1146 | 148 | 14.8% |
| Totals | 5412 | 5143 | -269 | -5.0% |
Building permits year to date
During the first half of 2022, 3,898 permits were issued compared to 3,990 in the same period last year; down -2.3%. The total value of these permits fell -9.1%, their total area fell -12.4%, while the total number of dwelling units fell -4.8%.
The only district where more new homes are being built is Nicosia where numbers are up 12.4% compared to the first half of last year and currently stand at 1,892. In the remaining four districts number are down -1.8% in Limassol, -16.2% in Paphos, -26.1% in Larnaca and -30.6% in Famagusta.
According to the Cyprus Statistical Service “Building permits constitute a leading indicator of future activity in the construction sector.“
