Residential building permits up 43%, as homes get larger, costlier

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By Stelios Orphanides

Building permits for residential buildings rose in January to August an annual 43 per cent in terms of construction area to 683,246 square meters and 52 per cent in terms of value to €699.2m, the statistical service said.

The number of residential units which obtained a building permit in January rose an annual 36 per cent in the first eight months of the year to 3,051, Cystat said in a statement on its website on Wednesday.

The housing units that obtained a building permit in the first eight months of the year are bigger than those which got their permit a year before a total of 9.7 square meters and have an average area of 223.9 square meters, Cystat said. Their average value is €229,155 which is 11 per cent higher compared to last year.

With respect to commercial buildings, building permits rose 6.2 per cent to 140,070 square meters in terms of area in the first eight months of the year and 7.8 per cent in terms of value to €146.2m compared to January to August last of year, Cystat said.

Total building permits rose an annual 39 per cent in terms of area to 858,283 square meters in terms of project area and 49 per cent in terms of value to €948m, Cystat said.

Building permits are considered a significant economic leading indicator.

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About Author

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

  • Roof Tile

    The sector is experiencing very, very selective growth – in the ultra-high end. Those houses and apartment already built and those in a ‘skeleton’ condition are not moving – and many thousands of these will need to be demolished as they cannot be safely completed due to various structural deficiencies and defects as result of neglect and/or weather. Statistics don’t tell the whole story.

    • AnalogMind

      Luxury real estate is the way to go for Cyprus. When you can sell one 2bedroom unit at the high-rise Limassol Del Mar for 2000000 euros, it’s the equivalent of selling 15 single family homes which take up far more land space. And according to pre-sale figures the developer of Del Mar now has enough capital to build the entire project. A great portion of the buyers are from the Kingdom and the Mid East. They will almost never set foot in the new apartments they own. This means benefit without the physical impact.

      • Slinkymomo

        What the investors don’t know is that they will be next door but one from the Ferries Wheel of the fun fair and McDonalds !! Classy indeed. Ditto the prestigious Residence One is next door to the sex shop !! Or the expensive building next door to a strip club Mirage ……..

        • AnalogMind

          To transform an area, one step at a time. As you say there may be uses(like the Ferries Wheel) whereby a future license can be revoked and relocated.

        • David Hill

          Will the ferris wheel be used for a fire escape ?.

          • Slinkymomo

            Yes, that and it is useful for delivery of the Big Mac right into the bedroom window!!

  • Mist

    Starter homes should be prioritized, build 1 mansion & 2 starters or no permission. If the company has unfinished stock over 3 years old, it must be completed prior to permission

  • Kevin Ingham

    Cyprus is a wonderful place to live and offers the super rich all sorts of advantageous possibilities by way of tax and passport perks- even humble UK ex pats have a far better lifestyle in Cyprus than many hard working Cypriots themselves can afford

    It’s the working and living conditions of ordinary people that ultimately determine how successful an economy is and how sustainable that will be in the future for those current beneficiaries- if you don’t have a happy populace in a functioning democracy then things have a tendency to change

    I suspect most people building “big” houses in Cyprus are either those who have already benefited from it’s problems or looking to take advantage of it’s weakness- that never goes down well down the pubs or the coffee shops

    • AnalogMind

      You know Kevin, expecting Cyprus to become a model social state after the brutal neo-con German occupation is not exactly a wholesome thought. Cyprus is paying a heavy price for all kinds of EU dysfunctions and expecting it to be otherwise is a bit unrealistic.

      • Kevin Ingham

        It was always “dysfunctional”, but that was part of the charm and it worked quite nicely prior to EU accession

        As it is, making people second class citizens in their own country as part of some economic “trickle down” solution to an EU facilitated debt problem isn’t going to end up well at all

        • Trickle lol, even if this was a proven theory who wants a trickle for their toil ?

  • JS Gost

    What happens when the Chinese stop coming, or are stopped from coming. Crisis V2 ?