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IN CYPRUS BUM Real Estate Construction

IN CYPRUS BUM Real Estate Construction

In Cyprus, construction boom, as evidenced by data on the issuance of building permits. For 2017, the Republic granted permits for 1.7 billion euros, and in quantitative terms — 5728 permits for the construction of new real estate. On the whole, this is 54% more than last year’s permits. Leading positions behind Limassol (608 million euros), Nicosia (541 million euros) and Larnaca (217 million euros).

More than one and a half times the area of real estate has grown. Most of them are large multi-storey and office buildings, as well as residential complexes. The first place in terms of the number of construction permits is Nicosia (2047), followed by Limassol (1730), followed by Larnaca (894). The five leaders of Paphos (816) and the free territories of Famagusta (241) are closing.

The cost of detached buildings is approximately 609 million euros, residential buildings, including offices, shops, etc. — 228 million euros, multi-storey buildings — 206 million euros, houses and maisonettes — 124 million euros.

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