New home construction climbs in Cyprus

Photo: Paphos, Cyprus Photo: Sergey Yeliseev

Data from the Cyprus Statistical Service shows that building permits issued in February 2015 totalled 401, down from 409 in February 2014.

While overall orders for construction activity were down, though, the number of new homes increased significantly. A total of 270 residential building permits were issued (ahead of 82 non-residential and 14 civil engineering projects). These permits allowed for the construction of 384 new homes, including 271 multiple housing units and 123 single homes – a rise of 68 per cnet year-on-year, when 229 permits were issued.

The size and value of construction projects also rose: compared with February last year, the total area covered by the permits jumped 26 per cent (from 77,633 to 97,685 square metres) and they were worth €108.9 million, up from €102.9 million.

February’s figures follow a positive upswing in January 2015, after a dismal 2014, when construction activity fell to an all-time low.