articles | 07 September 2021

Building activity makes strong recovery

Building permits issued in the first half of 2021 marked a significant recovery from Covid-hit 2020 while exceeding the pre-pandemic activity of 2019, according to data released by the Cyprus Statistical Service.

During the six months to June, 3,990 building permits were issued compared to 3,153 in the same period last year, recording an increase of 26.5%.

The total value of these permits increased by 20.5% to €1.34 billion (from €1.1 bl in H1 2020) and the total area by 31% to 1.23 million square metres.

The number of dwelling units also recorded an increase of 29.8%.

Building permits issued in the first half of 2021 exceeded the pre-Covid levels marking an increase of 17.6% compared to those issued in the first half of 2019.

For June alone, the number of building permits authorized stood at 833.

The total value of these permits reached €270.4 million, and the total area covered 263,700 square metres.

These building permits provide for the construction of 998 dwelling units.

Building permits issued from January to June marked annual increases in all districts.

In Nicosia, the number of building permits rose by 15.3% year on year, with the total area covered up by 22% and total value amounting to €393.2 million up by 5.1%.

In Famagusta, building permits rose by an annual 21.7% reaching 174, while total area fell to -10.5% year on year and total value declined to €88.8 million (-24%).

Building permits rose by an annual 65% in Larnaca to 668, while total area rose 63.3% year on year and total value amounted to €225.4 million (+33.4%).

In Limassol, building permits rose 21.1%, the area covered 21.1%, and the total value rose 23% to €389.3 million.

In Paphos, building permits increased 36%, the total area spiked 75%, and the total value rose by 68% to €241.8 million.

Source: Financial Mirror

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