Construction of new homes doubles

Construction of new homes doubles

Real Estate Friday, 20 March, 2020

The number of building permits authorised in December 2019 provided for the construction of more than twice as many new homes as those authorised in December 2018 according to official figures.

The construction of 1,107 new homes was authorised in December 2018 compared to the 504 authorised in December 2018 according to official statistics from the Cyprus Statistical Service; an increase of 119.6%.

The strong growth in the island’s construction sector continued in December 2019 with 647 building permits issued compared to 479 in December 2018. The total value of these permits rose by 171.7% to reach €431.2 million, while their total area rose by 108.9% to reach 292.3 thousand square metres compared to December 2018. The permits provided for the construction of 1,107 new homes, an increase of 119.6% compared to 504 in December 2018.

During December 2019, the 647 building permits were authorised for:

Residential buildings – 470
Non-residential buildings – 90
Civil engineering projects – 32
Division of plots of land – 37
Road construction – 18

The 470 residential building permits provided for the construction of 1,107 new homes (dwellings). These comprised 356 single houses, an increase of 65.6% compared to the 215 authorised in December 2018, and 751 multiple housing units including apartments, semis, townhouses and other residential complexes; a massive 159.9% rise compared to the 289 authorised in December 2018.

Source: Copyright © Cyprus Property News


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