On Monday, September 6, the Statistical Service of Cyprus published the latest data on the issued building permits.
As it turned out, there has been a positive trend in the country as the number of approved licenses in the first six months of 2021 exceeded the indicators of 2020 by 26.5% (3990 versus 3153) and even the pre-pandemic level of 2019 by 17.6%.
The total value of these permits increased by 20.5%, reaching 1.34 billion euros (1.11 billion euros in the first half of 2020), the total area - by 31.0% and amounted to 1.23 million m2, and the number of new housing units grew by 29.8% (3393).
In turn, in June 2021, municipal authorities and district administrations issued a total of 833 building permits. The total cost of these licenses was 270.4 million euros, and the total area was 263.7 thousand m2. These permits provide for the construction of 998 housing units.
If you look at the cities of Cyprus, then Larnaca is the leader in the number of permits issued.
From January to June in the city, the number of licenses increased by 65% year on year. The total area was 226,321 m2 (+ 63.3% year on year), and the cost was 225.4 million euros, which is 33.4% more than in the first half of 2020.
In Nicosia, the number of building permits in the first half of 2021 increased by 15.3% year-on-year, with a total area of 383,443 m2 (+ 22% year-over-year) and a value of 393.2 million euros (+ 5.1 %).
In the free areas of Famagusta, the number of building permits increased by 21.7%, but the total area decreased to 80,902 m2 (-10.5% per year), and the cost - by 88.8 million euros (-24% per year).
In Limassol, the number of building permits in the first half of 2021 increased by 21.1%, the total area was 344 392 m2, and the cost was 389.3 million euros (+ 23%).
Finally, in Paphos, the number of building permits issued in the first half of 2021 showed an increase of 36%. The total area reached 195,748 m2 (+ 75%), and the total cost - 241.8 million euros (+ 68%).
You can find out more information about new projects in Cyprus 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!