The number of building permits authorized in Cyprus during August 2022 stood at 510. The total value of these permits reached €166.3 million and their total area 146.0 thousand square metres. These permits provide for the construction of 687 dwelling units.
Compared to August 2021, the number of permits issued fell -2.5%, but their total value and area rose by 16.0% and 16.8% respectively.
The 510 permits were authorised for the following:
- Residential buildings – 354 (up 1.1% from 350 in August 2021)
- Non-residential buildings – 68 (-20.0% from 85 in August 2021)
- Civil engineering projects – 42 (up 50.0% from 28 in August 2021)
- Division of plots of land – 32 (-30.4% from 46 in August 2021)
- Road construction – 14 (no change from August 2021)
Permits for new homes
The 354 residential permits provided for the construction of 687 new homes (dwellings), comprising:
- Single houses – 186 (-25.6% from 250 in August 2021)
- Two housing units – 78 (up 85.7% from 42 in August 2021)
- Dwellings in residential apartment blocks – 408 (up 56.9% from 260 in August 2021)
- Dwellings in residential/commercial apartment blocks – 15 (up 650% from 2 in August 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 to apartments, which may be attributed to the increased costs of building materials, energy and inflation (that stood at 8.90% at 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% |
| July | 874 | 776 | -98 | -11.2% |
| August | 554 | 687 | 133 | 24.0% |
| Totals | 5412 | 5143 | -234 | -3.4% |
Building permits year to date
During the first eight months of 2022, 5,032 permits were issued compared to 5,240 in the same period last year; down -4.0%. The total value of these permits fell -2.3%, their total area fell -7.7%, while the total number of dwelling units fell –3.4%.
Although more new homes are being built is Nicosia and Famagusta; up 10.4% and 3.3% respectively, the numbers are down in the three remaining districts; Limassol -5%, Paphos -12.6% and Larnaca -19.8%.
According to the Cyprus Statistical Service “Building permits constitute a leading indicator of future activity in the construction sector.”
How many AEA applications have been approved by the land registry in 2020 / 2021 / 2022 ?
What are AEA applications?
Enclaved buyers applications
Unfortunately George, the Land Registry doesn’t publish the number of trapped buyer applications. But the Interior Minister Nicos Nouris made a statement in September last year about the general state of Title Deeds and the backlog – Title Deeds backlog reducing.