The number of building permits authorised for the construction of new homes in Cyprus during May 2019 was a mere 41 fewer than the total number issued during the first quarter of the year.

THE TOTAL number of building permits authorised in Cyprus during April 2019 stood at 520 compared with the 531 authorised during April 2018; an increase of 10.9% according to official figures released by the Cyprus Statistical Service and provided for the construction of 742 new homes.

Compared to April 2018 the total value of these permits rose by a staggering 596.0% to €742.3 million and their total area rose by 167.7% to 271.6 thousand square metres.

During April 2019, building permits were issued for:

Residential buildings – 374 permits

Non-residential buildings – 82 permits

Civil engineering projects – 14 permits

Division of plots of land – 39 permits

Road construction – 9 permits

Building permits for new homes

The 374 residential building permits approved in April 2019 provided for the construction of 742 new homes (dwellings). These comprised 276 single houses (compared with 262 in April 2018) and 98 multiple housing units including apartments, semis, townhouses and other residential complexes (compared with 79 in April 2018).

Of those 742 new homes, 284 are destined for Limassol, 199 for Nicosia, 119 for Larnaca, 109 for Paphos and 31 for Famagusta.

Annual construction figures

During the four months of 2019, a total of 2,111 building permits were issued compared to 1,984 in the corresponding period in 2018; an increase of 56.4%, while their total value and area increased by 133.4% and 45.4% respectively. 

The 2,111 permits issued over the period provided for the construction of 1,003 new homes in Limassol, 738 in Nicosia, 390 in Larnaca, 287 in Paphos and 63 in Famagusta.

According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.


Read more at: https://www.news.cyprus-property-buyers.com/2019/07/11/big-rise-new-home-construction/id=00157027
Copyright © Cyprus Property News

Share:

Facebook
Twitter
Pinterest
LinkedIn

Leave a Reply

Your email address will not be published. Required fields are marked *


On Key

Related Posts

Living in Cyprus

Discover the benefits of living in Cyprus, a beautiful island in the Mediterranean Sea. Learn about the culture, lifestyle, climate, and opportunities that await you. Contact New Zoe Developers today to find your dream home in Cyprus

INVESTING IN CYPRUS

Cyprus has emerged as an attractive destination for foreign investment due to its favorable tax laws, strategic location, growing economy, strong legal system, and well-educated

Get in touch

Newsletter

Get latest news & update

about us

“Decades of experience in the Cyprus property market have helped us choose our projects carefully”

© 1970- New Zoe Developers. All rights reserved.

Carefully crafted by Rami Meir

Skip to content