Cyprus: sharp increase in new homes

Compared to 1,526 building permits in the first quarter of 2020, 1,897 ones were authorised in the same period this year. The increase is 24.3%. 

The total of 747 building permits were accepted by the municipal authorities and regional administration offices in Cyprus in March 2021, reported Cyprus Property News. This is an 88% increase compared to the 379 authorized in the same month last year.

These permits imply the construction of 1,033 new homes. The total area for the construction is 206.1 thousand square meters and the total value of these permits is €199.8 million. These 1,033 new houses are planned to be built in Paphos, Nicosia, Larnaca, Limassol and Famagusta.

The 747 permits were issued for such objects as residential and non-residential buildings, road construction, civil engineering projects and plots of land division.

The construction of 663 new houses has been planned for the 534 residential permits. It includes detached houses and residential and commercial multi-apartment buildings.