According to data recently released by the Statistical Service of Cyprus, the total value of building permits issued in Cyprus in the first half of 2019 increased by 115.9% year-on-year, reaching 1.7 billion euros; the total area increased by 52.1%; and the number of dwelling units also recorded a growth of 47.9%.
Data shows that during the six-month period from January to June 2019, a total of 3,393 building permits were issued in Cyprus, compared to 3,110 during the same period in 2018. These permits provide for 4,200 housing units, significantly higher than the 2,839 units in the same period last year. Compared to the 788.7 million euros in the first half of 2018, the total value of these permits increased by 115.9% to 1.7 billion euros. The total land area increased by 52.1%.
According to official data, in June alone, local authorities approved 573 building permits. The total value of these permits was 208.7 million euros, covering an area of 189,087 square meters. These building permits provide for the construction of 812 housing units.
Building permits are a leading indicator of future activity in the construction industry. The surge in the value of building permits in Cyprus highlights the active trend in the Cypriot construction sector and indicates that the Cyprus real estate market is demonstrating a sustained, healthy, and rapid growth momentum. As is well known, Cyprus is an island nation with very limited land resources, and available building land is even scarcer. Given the economic recovery and the activity level of the real estate market in Cyprus, the country's land resources may one day face a shortage, and properties in Cyprus may become increasingly precious. Therefore, investors interested in entering the Cyprus real estate market should seize the opportunity early.
Currently, through the Cyprus Investment Programme, purchasing properties in Cyprus starting from 2 million euros and making a donation of 150,000 euros allows three generations of a family to obtain a Cyprus EU passport. At the same time, you acquire permanent ownership of properties in Cyprus—a multi-benefit investment! Holding a Cyprus EU passport not only allows visa-free travel to over 150 countries and regions worldwide, but also provides a "1=32" advantage! That is, holders of a Cyprus EU passport can freely migrate, work, and reside across all 28 EU member states (including the UK, Germany, Austria, Italy, France, Finland, etc.), as well as the 3 member states of the European Economic Area (Norway, Iceland, Liechtenstein) and Switzerland, totaling 32 European countries. You can enjoy the generous welfare benefits of EU citizens and, upon meeting certain conditions, easily navigate immigration to various other European countries.
In addition to applying for citizenship through property purchase, investors can also apply for immigration to Cyprus by purchasing, establishing, or participating in the investment of a Cypriot company. The Limassol Golf Integrated Resort project introduced by Worldway Group is an equity investment immigration project suitable for those applying through the purchase, establishment, or participation in a Cypriot company. By investing 2 million euros to subscribe for equity in this project, purchasing Cyprus real estate starting from 500,000 euros, and making a donation of 150,000 euros, three generations of your family can apply for and obtain a Cyprus EU passport. For details, please consult: 400-138-2929.
