The number of building permits authorised in Cyprus during October 2022 stood at 646. The total value of these permits reached €203.7 million and their total area 186.6 thousand square metres. These permits provide for the construction of 793 dwelling units.
Compared to October 2021, the number of permits issued fell -2.6%, while their total value and area rose by 9.5% and 7.4% respectively.
Building permits and the construction sector in general is being impacted by increasing prices of construction materials, the effects of the war in Ukraine and inflation.
The 646 permits were authorised for the following:
- Residential buildings – 414 (-4.9% from 463 in October 2021)
- Non-residential buildings – 136 (up 40.2% from 97 in October 2021)
- Civil engineering projects – 42 (-2.4% from 41 in October 2021)
- Division of plots of land – 39 (-22.0% from 50 in October 2021)
- Road construction – 15 (-25.0% from 12 in October 2021)
Permits for new homes
The 414 residential permits provided for the construction of 793 new homes (dwellings), comprising:
- Single houses – 212 (-8.2% from 231 in October 2021)
- Two housing units – 60 (-25.9% from 81 in October 2021)
- Dwellings in residential apartment blocks – 473 (up 2.4% from 462 in October 2021)
- Dwellings in residential/commercial apartment blocks – 48 (up 77.8% from 27 in October 2021)
Of those 793 new homes, 302 are destined for Limassol, 237 for Nicosia, 153 for Larnaca, 94 for Paphos and 6 for Famagusta.
Building Permits Issued for the Construction of New Homes – (Number of Dwelling Units)
Building permits year to date
During the first ten months of 2022, 6,347 permits were issued compared to 6,671 in the same period last year; down -4.9%. While the total value of these permits remained steady, their total area fell -5.9% and the total number of dwelling units fell -4.6%.
Although more new homes are being built is Nicosia; up 4.6%, the numbers are down in the four remaining districts; Larnaca -16.0%, Paphos -12.1%, Limassol -5.2%, and Famagusta -0.8%.
According to the Cyprus Statistical Service “Building permits constitute a leading indicator of future activity in the construction sector.”
