Construction in cyprus climbs back from bottom

Paphos, Cyprus Photo: Sergey Yeliseev

Construction in Cyprus climbed back from a record bottom at the start of 2015.

New figures from the Cyprus Statistical Service (published by Cyprus Property News) reveal that the number of permits authorised for new homes on the island in January 2015 jumped 2 per cent from 396 in the same month last month to 404.

The total area of the permits was 83,398 square metres, up 23 per cent year-on-year from 65,563. Their value, though, dipped from €78.6 million to €75.5 million, a decline of 4 per cent.

The figures mark a significant turnaround within Cyprus' struggling housing market: in 2014, construction activity fell to an all-time low, with the number of permits, their value and their area covered all down from 2013.

The start of 2015, though, paints a more positive picture for the coming months. Residential buildings made up the majority of permits (270), followed by non-residential (83) and others.

New homes led the residential sector (204 permits), followed by 143 single homes and 61 multiple housing units (e.g. apartment blocks). This also marks another rise year-on-year: 175 new homes were granted planning permits in January 2014, 17 per cent below 2015.

The encouraging figures follow data from the Department of Lands and Surveys, which showed that the number of property sales registered in the first two months of 2015 jumped 7 per cent year-on-year to 604.