Photo: Martha de Jong-Lantink

Construction of Cypriot homes continues to climb, with the number of building permits jumping 55 per Cent in 2016.

The latest figures from the Cyprus Statistical Service shows that the number of building permits granted in December 2016 totaled 454, up from 433 in December 2015. This, however, includes non-residential buildings, civil engineering projects and more. Residential building permits totalled 325 – 213 single houses and 184 multiple housing units – which was 55.7 per cent higher than the end of 2015.

Building permits constitute a leading indicator of future activity in the construction sector, painting a positive picture for the island’s recovering housing market in the coming year.

Cyprus Property News

Construction climbs in Cyprus

30th September 2016

Construction is climbing in Cyprus, driven by rising demand.

Imperio, a luxury developer based in Limassol, has announced a new residential project this autumn, securing a 1,500 square metre site in Potamos Yermasoyias, 400 metres from the coast. Work on the three-bedroom properties that make up the Amalfi Residences will present affordable choices for those looking to move to the area, but also boost the local economy by providing work.

Indeed, the company tells OPP.Today that the conditions are improving for property development on the island.

“The Cyprus economy is one of the best performing in the EU, the banks are fully recapitalised with very good capital indicators, and the country risk is low. International property investors now understand that the prospects of investing in Cyprus are bright,” Director Yiannis Misirlis tells the site.

“Additionally, the various tax incentives (for example, no CGT, no property tax, no transfer fees) given by the Anastasiades Government add a handful of advantages to property investment in Cyprus when compared to a competing destination.”

Demand is now rising by an average of 25 per cent year, led by buyers from Russia, the Middle East and China, which is fuelling construction activity.

“We’re always looking for and receiving potential opportunities for developments and the fact that we’re in a position to take on a brand new site at this stage is a reflection on the stability of our company,” adds Misirlis.

“Enquiry levels and demand across Limassol are increasing as consumer confidence begin to grow, so we’re aiming to meet that need with a wide choice of quality new homes.”

The company is also studying another site, which is expected to become the basis of another new development, to be announced shortly.

Building permits edge up in Cyprus

15th August 2016

Building permits edged up in Cyprus this spring, joining a string of positive indicators for the future of the island’s housing market.

440 building permits were authorised in May 2016, up 1.4 per cent from 434 in May 2015, according to figures from the Cyprus Statistical Service. 301 of those permits were for residential buildings (non-residential buildings accounted for 94, ahead of civil engineering projects, land plots and road construction).

Those permits were for the construction of 188 single houses and 90 multi-unit properties – a total of 278, up 0.7 per cent year-on-year. Over the first five months of 2016, permits for both residential and non-residential properties jumped 6 per cent (to 2,156).

The total area and value have fallen in the last year by 5.3 per cent to 364,000 square meres and by 8.4 per cent to €400.7 million respectively. The positive growth, though, arrives at a time when the future appears brighter for Cyprus than it has in recent years. Recent data from the Department of Lands and Surveys found that sales had risen for the third month in a row in June, with sales to foreign buyers up 49 per cent year-on-year.

Building permits rise in Cyprus

15th December 2015

Building permits are rising in Cyprus, according to new figures.

Data from the Cyprus Statistical Service shows that building permits for new homes have risen in Septemmber 2015 compared to the same month in 2014.

The number of overall permits remained static, while the total area of permits fell 1 per cent to 69,398 square metres from 70,103, but their value rose 0.1 per cent to €78.5 million from €77.9 million. Residential buildings, meanwhile, recorded growth of 1.9 per cent.

The figures are the latest in a wave of positive indicators for the Cypriot property market. New figures from the Department of Lands Surveys show the total number of sales on the island in November 2015 was 21 per cent up year-on-year, while sales to foreign buyers rose almost 50 per cent.

The recovery is a long-term struggle, though: in the first nine months of 2015, the number of total building permits authorised for both residential and non-residential projects fell 0.6 per cent compared to the same period of 2014. Their value, though, has risen by 20.6 per cent to €764.1 million and their area rose by 14.8 per cent to 658,427 square metres.

For residential property, between January and September 2015, the number of building permits issued has risen 15.1 per cent compared to the same period last year.

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