Αs the restrictive anti-COVID measures are eased, the Cyprus property market is beginning to gradually recover.
According to data published on Thursday, June 10, by the Statistical Service of the Republic of Cyprus, 747 building permits were issued in March, 2021 by the municipal authorities and district administrations on the island.
The total cost of these licenses was €199.8 million, and the total area was 206.1 thousand m2. Under these permits, it is planned to build 1,033 housing units:
- 369 detached houses,
- 96 duplexes,
- 548 residential multi-apartment buildings,
- 20 mixed houses.
1,897 building permits were issued in the country from January to March 2021, compared to 1,526 in the corresponding period of 2020, which is 24.3% more:
- 1362 fell on residential buildings,
- 271 - non-residential buildings,
- 37 - public residences,
- 49 - the section of land plots,
- 22 - road construction projects.
The total cost of these licenses increased by 9.1%, the total area - by 24.4%, and the number of residential units - by 12%.
On an annualized basis, the number of licenses issued for detached houses increased by 27.4% from January to March 2021, residential apartment buildings - by 37.6%, for duplexes - remained at the same level, and the number of mixed-type houses decreased by 33 , 7%.
It is worth noting that building permits are a leading indicator of future activity in the construction sector. Based on this, it is possible to draw completely disappointing conclusions for the Cyprus residential real estate market.