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The number of building permits for the construction of new homes in Cyprus rose 12.5 per cent in February 2018 compared to February 2017 providing for the construction of 431 new homes.

Compared to February 2017 the total value of these permits rose by 35.3% to reach €213.2 million, their total area rose by 27.7% to reach 207.8 thousand square metres and provided for the construction of 431 new homes. During February 2018, building permits were issued for:

Residential buildings – 334 permits

Community buildings – 2 permits

Non-residential buildings – 88 permits

Civil engineering projects – 11 permits

Division of plots of land – 35 permits Road construction – 11 permits

Building permits for new homes

The 334 residential building permits approved in February provided for the construction of 431 new homes (dwellings). These comprised 256 single houses (compared with 255 in February 2017) and 78 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 63 in February 2017); a rise of 12.5%. Of those 431 new homes, 183 are destined for Nicosia, 138 for Limassol, 62 for Larnaca, 33 for Paphos, and 15 for Famagusta.

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

Source: Cyprus Property News