Construction of New Homes in Cyprus Increases

March 2021 saw a rise in the planned number of new homes to be built in Cyprus according to the building permit statistics published by the Statistical Service.

 

During the month a total of 747 building permits were authorized by the municipal authorities and the district administration offices in Cyprus, compared to the 379 permits authorized during the same month of last year. 

 

The total value of these permits reached €199.8 million and the area totaled 206.1 thousand m2, provided for the construction of 1,033 new homes.

 

Of those 1,033 new homes, 415 are intended for Nicosia, 285 for Limassol, 214 for Larnaca, 109 for Paphos and 10 for Famagusta.

 

Generally, during Q1 of 2021, 1,897 building permits were issued compared to 1,526 in the same period last year - a rise of 24.3%. Their total value rose by 9.1%, their total area by 11.9% and the number of new homes by 26.2%.

 

The 1,362 building permits that were authorized for the construction of new homes during Q1 of 2021, provided for the construction of 866 new homes in Nicosia, 783 in Limassol, 475 in Larnaca, 239 in Paphos and 35 in Famagusta.

 

Prime Property Group is a pioneer in the real estate development field, providing one-stop services including real estate development and property management to the real estate market and its target customers. And the core advantage of Prime Property Group lies in the fact that this company is not only a real estate agent, but also a real estate developer. It has super economic strength and brand service awareness. It provides relevant services to international customers. Consultancy services on all matters of real estate and construction projects in Greece and Cyprus, including villas, new apartments and town-houses.

Please contact Prime Property Group  for detailed information about rent, sale or property management services.