Building permits authorized for 907 new homes

Building permits authorized for 907 new homes

Local Friday, 09 August, 2019

Building permits authorized in Cyprus during May 2019 provided for the construction of 907 new homes, compared with 541 in May 2018 according to official figures published by the Cyprus Statistical Service. 

The total number of building permits authorized in Cyprus during May 2019 stood at 709 compared with the 612 authorized during May 2018; an increase of 15.8% according to official figures published by the Cyprus Statistical Service. The total value of these permits more than doubled to reach €287.9 million and the total area rose 82% to reach 258.5 thousand square meters compared to May 2018. These permits provided for the construction of 907 new homes, an increase of 67.7% compared to the 541 new homes in May 2018.

During May 2019, building permits were authorized for: Residential buildings – 445 permits Non-residential buildings – 99 permits Civil engineering projects – 27 permits Division of plots of land – 24 permits Road construction – 17 permits Building permits for new homes The 445 residential building permits authorized in May 2019 provided for the construction of 907 new homes (dwellings). These comprised 310 single houses (compared with 305 in May 2018) and 597 multiple housing units including apartments, semis, townhouses and other residential complexes (compared with 236 in May 2018). Of those 907 new homes, 307 are destined for Nicosia, 260 for Limassol , 157 for Larnaca, 137 for Paphos and 46 for Famagusta.
Building Permits Issued for the Construction of New Homes (Number of Dwellings) Month 2018 (Dwellings) 2019 (Dwellings) Increase/Decrease %age Change January 476 548 72 15.1% February 431 576 145 33.6% March 467 615 148 31.7% April 418 742 324 77.5% May 541 907 366 67.7% Totals 2,333 3,388 1,055 45.2% Annual construction figures During the period January – May 2019, 2,820 building permits were authorized compared to 2,596 in the same period last year.

Their total value increased by 128.2% and their total area by 53.8%. The number of new homes authorized rose by 45.2%. The 2,820 permits issued over the period provided for the construction of 1,263 new homes in Limassol, 1,045 in Nicosia, 457 in Larnaca, 424 in Paphos and 109 in Famagusta. According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.


Source: Cyprus Property News


Looking to buy property in Paphos, Cyprus?

Speak with our professionals Check our properties for sale
THIS WEBSITE IS USING COOKIES
We use cookies to ensure that we give you the best experience on our website. If you continue using the site, we'll assume that you are happy to receive all cookies on this website and you have read our Cookies Policy.