Cyprus Issues Building Permits for 115 Large Projects

На Кипре выданы разрешения на строительство 115 крупных проектов
14 May 2021 DOM LiVE
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Cyprus is a popular holiday destination, as well as a place to purchase property.

Some are renting housing on the island, others are buying apartments in the secondary housing market or in new buildings, still others prefer to build real estate from scratch.

Construction design and obtaining all necessary permits in Cyprus consists of several stages. The most important of these is obtaining a building license.

The number of building permits is an important indicator of the future development of activities in the construction sector.

The statistical Service of the Republic of Cyprus published fresh data on the issued construction licenses for the first two months of 2021.

It turned out that only 10% of more than a thousand real estate projects fell on large projects in Cyprus. 115 new buildings, which will appear in the near future in the country, will have an area of ​​more than 900 m2. Projects in this category include the construction of 703 housing units, the total cost of which will be about €164 million.

As you may know, the demand for luxury real estate has dropped sharply after the government of the Republic of Cyprus closed the passport scheme.

High-rises, which were previously built for the owners of Golden passports, are becoming less and less popular every day. The same cannot be said about office buildings in Cyprus. This market segment, on the contrary, is gaining popularity, especially in the capital.

As for the remaining 1,035 projects, their total amount will exceed €166 million.

Non-residential projects

In this segment, building permits were obtained by:

  • 21 restaurants / cafes / bars,
  • 4 hotels,
  • 4 tourist complexes / villages,
  • 15 office buildings,
  • 17 industrial and warehouse facilities,
  • 9 retail and wholesale buildings,
  • 31 buildings of cultural and entertainment, educational or medical direction,
  • 11 road construction projects,
  • 75 requests for the division of land plots,
  • 70 civil engineering projects.

Residential projects

From January to February, a total of 828 residential construction licenses were issued in Cyprus. Their total area is approximately 259 thousand m2, the cost is about €261 million. Under these permits, 1,365 housing units will be built on the island.

In this segment, building permits were obtained by:

  • 609 detached houses,
  • 107 apartment buildings,
  • 98 maisonettes,
  • 14 mixed-type multi-apartment buildings.

На Кипре выданы разрешения на строительство 115 крупных проектов

If you look at the cities of Cyprus, then the leader in the number of permits issued is Nicosia.

421 projects were approved in the capital for the construction of 451 residential units, the total cost of which will be about €111 million.

At the same time, Limassol was ranked first in terms of the cost of future projects. The 370 permits issued for Limassol provide for the construction of 498 residential units with a total value of €114 million.

This is followed by Larnaca - 182 construction permits for 261 residential units worth €53 million, Paphos - 148 licenses for the construction of 130 properties worth €43 million and Famagusta - 29 projects for the construction of 25 residential units with a total value of about €10 million.

It is also significant that in Larnaca the number of permits issued has increased. It turned out to be practically on a par with the cities of Cyprus, which are developing at a record pace, although until recently Larnaca was considered a provincial town.

На Кипре выданы разрешения на строительство 115 крупных проектов

You can learn more about new projects in Cyprus on the DOM real estate website. The website also has a large number of real estate objects in the country, both residential and commercial. Choose and contact professionals who will help you make the right choice!
Source: inbusinessnews.reporter.com.cy
Photos: DOM LiVE, pixabay.com
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