Local developers are actively adjusting to the new rules of the Cyprus property market. They no longer want to invest in large residential complexes, but prefer small projects, which are in demand in the country, especially among the locals.
On Friday, August 6, the Statistical Service of the Republic of Cyprus released the latest data on the issued building licenses for the first five months of 2021.
It turned out that the competent services issued more building permits from January to May than in the same period in 2019, when the economy was operating in normal conditions. At the same time, the area of licensed projects remained at the same level as in 2019, but their cost decreased.
According to the trend, it is expected that more building permits will be issued in 2021 than in 2019, however, they will relate to small projects.
The average area of licensed housing units in the first five months of 2021 was 219.1 m2, compared to 223.4 m2 in the same period in 2020 and 282.5 m2 in the first five months of 2019.
At the same time, from January to May 2021, 30.3% more licenses were issued than in the same period in 2020. In the first five months of 2021, 3,157 building permits were issued, compared to 2,429 building permits in the same period of last year. The total cost of these permits increased by 27%, the total area increased by 35.4%, and the number of housing units increased by 38.2%.
At the same time, the number of building permits issued by municipal authorities and district administrations in May 2021 increased to 633. The total value of these permits reached 307.7 million euros, and the total area - 268.7 thousand m2. According to these permits, it is planned to build 1,061 housing objects.
It is worth noting that in the first five months of 2021 (compared to 2020), there was an increase in the area of new projects in all provinces except Famagusta. The largest growth was recorded in Paphos - 107.1%.
However, compared to 2019, the largest growth was recorded in Famagusta - 84.3%. It is followed by Paphos - 52.3% and Nicosia - 33.3%. In contrast, the area of licensed projects in Larnaca and Limassol has decreased compared to 2019.
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!
Photos: DOM LiVE, pixabay.com