The number of new homes in Cyprus for which building permits have been issued rose by 34.6 per cent in March 2017 compared to the same period in the previous year according to the Cyprus Statistical Service.

 

THE NUMBER of building permits authorized in March 2017 stood at 542 compared with the 485 authorized during the same period in the previous year; a rise of 11.8 per cent according to official figures released by the Cyprus Statistical Service.

The total value of these permits rose by 25.8% to €115.0 million compared to March 2016, while their total area rose by 31.1% to 115.6 thousand square meters.

During March 2017, building permits were issued for:

Residential buildings – 384 permits
Community buildings – 3 permits
Non-residential buildings – 109 permits
Civil engineering projects – 15 permits
Division of plots of land – 23 permits
Road construction – 8 permits

During the first quarter of 2017, 1,451 building permits have been issued compared to 1,279 in the first quarter of 2016. The total value of these permits increased by 29.1% and the total area by 28.8%.

Building permits for new homes

The 384 residential building permits approved in March provided for the construction of 412 new homes comprising 218 single houses and 194 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 34.6% compared with March 2016 when building permits were issued for the construction of 306 new homes.

 

Building Permits Issued for the Construction of New Homes (Number of Dwellings)

Month2016 (Dwellings)2017 (Dwellings)Increase/ Decrease%age Change
January24338113856.8%
February3123837122.8%
March30641210634.6%
Totals8611.17631536.65

 

During the first quarter of 2017, the number of new homes for which permits have been issued rose by 36.6%.

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

Source: Cyprus Property News

 

 

 

 

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