A large increase, amounting to 81%, was observed in the value of building permits in Cyprus in 2019, as it reached € 3.7 billion.
According to a report by KPMG for the real estate market, there was an increase of 13% in the number of building permits, compared to 2018. In total, building permits reached 7,218, from 6,408 in 2018.
The province of Nicosia recorded the largest number of building permits for 2019, gathering a percentage of 35% while the province of Limassol retains great power, attracting 30% of permits.
The dynamics were much lower in the provinces of Larnaca (16%) and Paphos (15%), as well as in the free area of Famagusta (4%).
By contrast, the province of Limassol still has the highest numbers in terms of the value of building permits. With 56% it is far ahead of the province of Nicosia (18%), as well as the provinces of Larnaca (12%), Paphos (9%), and free area of Famagusta (5%).
72% was for residential purposes
Of the total building permits in 2019, 72% were for residential purposes, 3% for hotel and similar developments, and the remaining 25% for other types of projects.
Building permits for residential purposes covered 65% of the value of permits in 2019 while permits for other types of projects and hotel buildings were at 18% and 17% of the value of total permits.
€ 2.7 billion for 9% of building permits
As mentioned in the report, 9% of building permits were issued for projects with an area of over 900 sq.m., which are worth € 2.7 billion (71% of the value of licenses). On the other hand, 91% of the licenses were for smaller projects, less than 900 sq.m., with a total value of € 1 billion (29% of the value of the licenses).
Source: inbusinessnews, philenews