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Construction in Cyprus is well under way!

More construction permits have been issued in Cyprus lately. Their number for the last year has increased by 12.5%, if confer the indicators of February 2017 and 2018.

According to the Cyprus Statistical Service, in the last February, 444 permits were issued for the construction of houses, and a year later for the same period, developers received 481 permits.

Over the past year, the total cost of construction permits has also increased. The difference was 35.3%, which in monetary terms is €213.2 million.

There is also an increase in the area of ​​new buildings. In accordance with the projects approved in February 2018, construction of 207.8 thousand square meters was started, which is 27.7% more than last year.

During this period, construction permits were issued for:

  • Public buildings.
  • Objects for residential and non-residential purposes.
  • Road and civil construction projects.
  • Separation of land.

In figures it looks like this:

● 334 permits (64%) – construction of housing stock.

● 2 permits (0.41%) – public buildings.

● 88 permits (18%) – non-residential buildings.

● 11 permits (1.59%) – for civil engineering projects.

● 35 permits (14%) – for the division of land.

● 11 permits (2%) – for road construction. 

Statistics on the construction of residential buildings

Based on 334 permits for residential buildings this year will build 431 new homes. Of these, 256 will be detached houses; the remaining 78 are multi-family houses. Note that last year, in accordance with permits, 255 detached houses and 63 apartment buildings were built. Thus, the growth was 12.5%.

Where new houses will be built:

● 183 – in Nicosia.

● 138 – in Limassol.

● 62 – in Larnaca.

● 33 – in Pathos.

● 15 – in Famagusta.

Taking into account the positive dynamics in the issue of permitting the construction of new facilities, we can say with confidence that the construction industry in Cyprus is developing rapidly.