Surge in new home construction

Building permits authorised in Cyprus during September 2019 provided for the construction of 1,114 new homes, compared with 576 in September 2018 according to official figures published by the Statistical Service.
The total number of building permits authorised in Cyprus during September 2019 stood at 622 compared with the 588 authorised during September 2018; an increase of 5.8% according to official figures published by the Cyprus Statistical Service.
 
The total value of these permits rose by 270.0% to €592.7 million, while their total area rose by 127.2% to reach 352.6 thousand square metres compared to September 2018.
These permits provided for the construction of 1,114 new homes, an increase of 93.4% compared to the 578 new homes in September 2018.
     
During September 2019, building permits were authorised for:
 
Residential buildings – 431 permits
 
Community residences – 1 permit
 
Non-residential buildings – 116 permits
 
Civil engineering projects – 22 permits
 
Division of plots of land – 41 permits
 
Road construction – 11 permits
 
Building permits for new homes The 431 residential building permits authorised in September 2019 provided for the construction of 1,114 new homes (dwellings). These comprised 220 single houses, a fall of 8.7% compared to the 241 authorised in September 2018 – and 894 multiple housing units including apartments, semis, townhouses and other residential complexes; a surge of 166.9% compared to the 335 authorised in September 2018).
Of those 1,114 new homes, 680 are destined for Limassol, 270 for Nicosia, 84 for Paphos, 72 for Larnaca and 8 for Famagusta.
 
Annual construction figures
 
A total of 5,201 building permits were authorised during the period January – September 2019, compared to 4,702 in the same period last year.  Their total value increased by 77.1% and their total area by 48.6%.
 
The number of new homes authorised rose by 52.6%. The 3,748 residential permits issued this year provided for the construction of 2,796 new homes in Limassol, 2,070 in Nicosia, 900 in Larnaca, 851 in Paphos and 250 in Famagusta.
 
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.
Source:  Cyprus Property News