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Value Of Building Permits Declines Sharply

Value Of Building Permits Declines Sharply

The value of building permits issued in Cyprus in the period of January – November 2020 declined by 23% year on year, mainly affected by the impact of the coronavirus pandemic on large-scale projects.

 

According to data released by the Statistical Service of Cyprus (Cystat) total building permits issued in Cyprus in January – November amounted to 6,375 compared with 6,571, down by 3% year on year.

 

However, the value of those permits amounted to €1.6 billion marking a reduction of 23% compared with €3.3 billion in January – November of 2019.

 

The total area of the building permits issued in January – November 2020 declined by 8.6% year on year, while the number of dwelling units rose by a marginal 0.2%.

 

Large scale projects took the heaviest blow by the pandemic with building permits issued in January – November 2020 declining to 595 compared with 629 in the respective period of 2019, while the value of these permits plunged by 32% to €1.6 billion.

 

According to Cystat, building permits in January – November 2020 in Nicosia reached 2,477 compared with 2,334 in the same period last year, while permits in Famagusta rose to 318 compared with 282 in the same period of 2019.

 

In Larnaka building permits declined to 871 in January – November 2020 compared with 1,020 in the same period of last year, in Limassol permits declined to 1,854 compared with 1,961 in January – November 2019, whereas building permits in Pafos declined to 855 in January – November 200 compared with 974 in the same period of 2019.

 

In November 2020, the number of building permits authorized by the municipal authorities and the district administration offices stood at 686, compared with 583 in October 2020.

 

The total value of these permits reached €295.6 million and the total area 228.4 thousand square metres. These building permits provide for the construction of 831 dwelling units, Cystat added.

 

Source: Stockwatch

 

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