Building permits issued in Cyprus increase during 2019

Building permits increased for designated period according to public data from Cystat

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Cyprus real estate property market

The number of building permits issued by municipal authorities and the district administration offices during the period January – November 2019, increased by approximately 11% over the corresponding period of 2018, with the value of these permits up by 74%.

According to data released by the Statistical Service of Cyprus, the total value of building permits issued in the first 11 months of 2019 stood at € 3.3 billion with 54% of this value recorded in Limassol.

“The total value of building permits issued in the first 11 months of 2019 stood at € 3.3 billion with 54% of this value recorded in Limassol.”

During the period January – November 2019, 6,571 building permits were issued compared to 5,929 in the corresponding period of the previous year. The total value of these permits increased by 73.8% and the total area by 44.6%. Τhe number of dwelling units recorded an increase of 49.6%.

Most building permits were issued in Nicosia with 2,334 followed by Limassol with 1,961, Larnaca with 1,020, Pafos with 974 and Famagusta with 282.

In terms of both total value and total area Limassol was at the top with € 1.8 billion and 1 million square meters, followed by Nicosia with a value of €623.1 million and 584 square meters, Larnaca with € 410.9 million and 298 square meters, Pafos with € 299.4 million and 236 square meters and Famagusta with € 166.9 million and 137 square meters.

“Most building permits were issued in Nicosia with 2,334 followed by Limassol with 1,961.”

During November 2019 the number of building permits authorized by the municipal authorities and the district administration offices stood at 707.

The total value of these permits reached €332.4 million and the total area 222.4 thousand square metres. These building permits provide for the construction of 909 dwelling units.

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

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