Research Center
Cyprus Economy

CYPRUS: Building permits increase 9% in first eight months

09 November, 2018

Building permits approved by local authorities increase 9.06% with their total value exceeding €1.4 bln during the eight-month period January – August 2018, according to official data.

During the first eight months, 4,114 building permits were issued compared to 3,772 in the same period of 2017.

The total value of these permits spiked 46.8% to €1.4 bln from €948 mln while the total area covered increased 30.3% and the number of housing units recorded a rise of 28.6% from 3,051 to 3,924.

The number of building permits authorized during August alone stood at 415.

The total value of these permits reached €349.7 mln covering a total area 148,000 square metres. These building permits provide for the construction of 453 housing units.

Famagusta saw the biggest demand for building permits with a rise of 109% for January-August followed by Nicosia up 52.7%, Larnaca 22% and Limassol 15.5% while Paphos – popular with Chinese buyers - retreated 5.9%.

Building permits constitute a leading indicator of future activity in the key construction sector.