The number of new homes in Cyprus for which building permitshave been issued fell by 18.1 per cent in December 2017 compared to December2016 according to the Cyprus Statistical Service.
The number of building permits authorised in Cyprus duringDecember 2017 stood at 437 compared with the 454 authorised during the samemonth in 2016; a fall of 3.7% according to official figures released by theCyprus Statistical Service
However, the total value of these permits rose by 16.7% toreach €151.4 million compared to December 2016, while their total area rose by65.8% to reach 187.9 thousand square metres.
During December 2017, building permits were issued for:
Residentialbuildings – 301 permits
Communityresidencies – 2 permits
Non-residentialbuildings – 85 permits
Civilengineering projects – 18 permits
Division ofplots of land – 26 permits
Roadconstruction – 5 permits
During 2017, 5,728 permits were issued compared to 5,354 in2016; an increase of 7.0%. The total value of these permits has increased by48.6% and the total area by 47.3%.
Building permits for new homes
The 301 residential building permits approved in December2017 provided for the construction of 325 new homes (dwellings). These comprised169 single houses (compared with 213 in December 2016) and 156 multiple housingunits such as apartments, semis, townhouses and other residential complexes(compared with 184 in December 2016); a fall of 18.1% compared with December2016 when permits were issued for the construction of 397 new homes.
During 2017, the number of new homes for which permits havebeen issued rose by 35.4% to reach 4,939. Of those 4,939 new homes, 1,863 aredestined to be built in Limassol, 1,395 in Nicosia, 743 in Paphos, 666 inLarnaca and 272 in Famagusta. According to the Cyprus Statistical Service,building permits constitute a leading indicator of future activity in theconstruction sector.