On Wednesday, November 17, the Statistical Service of Cyprus published fresh data on construction licenses issued in the country during the first eight months of 2021.
According to statistics, the number of housing projects has increased, while the number of commercial buildings has decreased.
The total area of apartment buildings increased by 77.3%, and of detached houses - by 19.8%.
The overall increase in residential and non-residential projects was 8.1% and largely associated with small projects.
As for non-residential projects, the area of licensed projects of offices decreased by 40.1%, and of commercial buildings - by 22.4%. A decrease of 25.3% was also recorded for hotels.
The area of industrial buildings and warehouses increased by 37.5%, and of entertainment facilities - by 4.7%.
There are two trends in the real estate market.
On the one hand, we see an increase in residential real estate licenses due to high demand for apartments and houses. Looking at the average area, it is obvious that there is a demand for smaller houses, and this is due to the fact that the market is mainly focused on locals.
In terms of tourism development, there is a decrease in licenses due to the large number of approved projects last year.
Finally, the increase in the area of industrial warehouses is a phenomenon that prevails all over the world, as the pandemic has created a need for larger distribution centers, as well as storage facilities. Online trading has become firmly rooted in our lives over the past year.
In comparison with the pre-pandemic 2019, the total number of licenses for residential and commercial buildings increased by 0.3%. At the same time, there was a decrease of 26.3% in the commercial sector, and an increase of 7.3% in the residential sector.
Detailed information about new projects in Cyprus can be found on the DOM Real Estate portal. The website also has a large number of real estate objects in the country - from residential to commercial. Choose and contact professionals who will help you make the right choice!
Photos: pixabay.com, DOM
