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Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 17 November 2020 Historic day The development of Larnaca Harbour and Marina has been approved

    Historic day: The development of Larnaca Harbour and Marina has been approved read more

  • 13 July 2020 Μελέτη για τις περιοχές των Βρετανικών Βάσεων

    Ανακοινώθηκε η περιβαλλοντική μελέτη για... read more

  • 9 July 2020 Cabinet extends town planning incentives

    THE CABINET on Wednesday decided to extend existing town planning incentives... read more

  • 23 June 2020 Historic deal allows property development in British Bases

    CYPRIOTS who own land in non-military areas inside the British Bases will be... read more

  • 9 June 2020 Cyprus beaches have the best water quality in the EU

    Cyprus had the highest proportion of bathing sites with excellent water... read more

Massive rise in new home construction

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
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