Building permits hit 41% rise in new homes in January to May

19

By Stelios Orphanides

The number of new housing units which received a building permit between January and May rose 41 per cent to 1,889 compared with the respective period last year, the statistical service said.

The construction area of the housing units which received the go-ahead from municipal authorities in the first five months of the year rose an annual 39 per cent to 414,915 square metres, Cystat said in a statement on its website on Wednesday. Their value rose 38 per cent to €399m.

The number of detached houses rose an annual 19 per cent to 938 in the first five months of the year, while the number of semi-detached homes rose 49 per cent to 307, Cystat said. The number of flats rose 49 per cent to 603.

The construction area of non-residential projects which received a building permit from January to May rose 17 per cent to 74,211 square metres, compared with the respective five-month period last year, Cystat said. The value dropped 1.4 per cent to €82.2m.

Total building permits rose in the first five months of the year an annual 36 per cent to 495,592 square metres in terms of construction area and 28 per cent in terms of value to €514.1m, Cystat said.

Building permits are a significant leading indicator of economic growth.

Share.

About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Banjo

    Is there a demand for many new properties.

    • GSP

      Not in the Pervolia region. There must be a thousand properties here that have never been sold. That is not counting the hundreds in Tersefanou that have no deeds or buyers.

      • Banjo

        I think that situation is common across the island.

    • Sink the EU

      Have you heard of a term called “retiring babyboomers”? That’s your demand.

  • Cydee

    Not much use it no-one buys them…and until Title comes with sale, then they won’t.

  • Arnt Otto Østlie

    Building permits create employment, I can see that. Maybe more important is the number of completed properties that are actually sold. Is statistics available on outstanding and closed sales?

    • westspoon

      Most of these will join the thousands of already completed properties that have been standing unsold for years!

    • Sink the EU

      Off course there are.

    • Sink the EU

      Let me take a wild guess. Apparently you must be a Viking descendant of Ragnar Lothbrok or Eric the Red and you can’t use the Internet because your hands are busy yielding a battleax or a sword.

      Now if you can put down your toys and actually conduct a proper Internet search you may find that there are actual publications which deal with the very topic.

      Type “Cyprus Property News cyprus property sales up 18% in july” . There are plenty of tables and figures to satisfy you.

      • Banjo

        That is an excellent source of information you’ve quoted.

      • Arnt Otto Østlie

        Thank you for direction, although with apparent more fury than most Viking-descendants. 😉
        What I find is that there may be some 50,000 available properties, and that the July sales boost that you point to made the total for the year that far 4,349.
        Some way to go, but I wish the island the best of luck. Only that way can the NPLs be paid, too.

        • GSP

          So, even accepting the sales figures are correct, we already have ten years of empty properties available. Can anybody, even the CM trolls, say that us sustainable?

        • Sink the EU

          I was not serious with you. But that’s the publication to follow for real estate news. 🙂

          • Vladimir

            ‘Real estate news’? Cypriots will say any lie to sell their overpriced properties to foreigners, you cannot believe any word coming out of Cypriot mouth.

  • Mist

    I wonder if a mathematical wiz could workout a differential calculus equation NPL unfinished sold properties.

    • Arnt Otto Østlie

      From what I found below, it will take some 12 years to clear the current inventory. Total NPLs amounted to a bit under €24 billiion, according to the same source. This comes to €480 K per property, not very promising,

  • Eye on Cyprus

    ‘New’ houses are coming! Meanwhile, many people who paid developers their money in good faith are waiting to actually OWN their ‘old’ houses: some of them into their second decade.

  • Sink the EU

    This is a very good sign. Construction is an important part of the economy.

  • Douglas

    With property rents increasing in all areas,demand for property increasing,cars purchases up and offshore gas drilling showing huge potential,Cyprus is on the verge of another ‘boom’ 🙂