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Small rise in the property Market

There was a small rise in the number of building permits authorised for building new homes in October 2020 compared to the same month in the previous year according to official statistics published on Wednesday.

During October 2020 a total of 583 building permits were authorised by the municipal authorities and the district administration offices. The total value of these permits reached €279.4 million and their total area 239.3 thousand square metres.

The 583 permits were authorised for:

  • Residential buildings – 416
  • Community residences – 1
  • Non-residential buildings – 86
  • Civil engineering projects – 27
  • Division of plots of land – 43
  • Road construction – 10

Building permits for new homes

The 416 residential building permits authorised provided for the construction of 903 new homes. These comprised 227 single homes; a fall of 5% compared to the 327 authorised in the same period last year – and 676 multiple housing units including apartments, semis, townhouses and other residential complexes; an increase of 33.9% compared to the 505 authorised in October 2019.

Of those 903 new homes, 459 are destined for Limassol, 245 for Nicosia, 99 for Larnaca, 86 for Paphos and 14 for Famagusta.

Building Permits Issued for the Construction of New Homes
(Number of Dwellings)

Month 2019 (Dwellings) 2020 (Dwellings) Increase/Decrease %age Change
January 548 696 148 27.0%
February 576 680 104 18.1%
March 615 524 -91 -14.8%
April 742 339 -403 -54.3%
May 907 956 49 5.4%
June 812 976 470 20.2%
July 1,028 1,141 113 11.0%
August 525 790 265 50.5%
September 1,114 704 -410 -36.8%
October 744 903 159 21.4%
Totals 6,867 7,709  
 

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