articles | 06 February 2017

Building permits up 17% in January to November 2016

Building permits rose in January to November 2016 an annual 17% in terms of construction area and 12% in terms of value to 933,771 square meters and €1bn respectively, the statistical service said.

The increase was mainly on an annual 20% increase in the construction area of building permits for housing projects to 742,154 square meters and a 25% increase in their value to €760.4m in January to November, Cystat said in a statement on its website on Monday.

The construction area of non-housing projects which received a building permit in the first eleven months of 2016, rose 7.4% accompanied by a 3.7% drop in value, Cystat said.

Building permits are considered an important economic leading indicator.

Source: Cyprus Mail

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