The construction of 696 new homes was authorised in January 2020 compared to the 548 authorised in January 2019 according to official statistics from the Cyprus Statistical Service, an increase of 27.0%.
The strong growth in the island’s construction sector continued in January 2020 with 538 building permits issued compared to 548 in January 2019. Although the number issued fell by 1.1%:
- Their total value of these permits rose by 51.6% to reach €178.5 million.
- Their total area rose by 55.0% to reach 165.8 thousand square metres compared to January 2019.
- They provided for the construction of 696 new homes, an increase of 27.0% compared to 548 in January 2019.
During January 2020, the 538 building permits were authorised for:
- Residential buildings – 395
- Non-residential buildings – 73
- Civil engineering projects – 18
- Division of plots of land – 36
- Road construction – 16
Building permits for new homes.
The 395 residential permits provided for the construction of 696 new homes (dwellings). These comprised 216 single houses, an increase of 2.9% compared to the 210 authorised in January 2019, and 480 multiple housing units including apartments, semis, townhouses and other residential complexes; an increase of 42.0% compared to the 388 authorised in January 2019.
Building Permits Issued for the Construction of New Homes (Number of Dwellings):
Of those 696 new homes, 265 are destined for Limassol, 185 for Nicosia, 94 for Famagusta 78 for Larnaca and 74 for Paphos.
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.
Source: Cyprus Property