Building permits up 25% in January to April 2018

Building permits rose in the first four months of 2018 an annual 25% in terms of construction area to 480,385 square metres and 28% in terms of value to €517m, the statistical service said.

The increase in building permits in January to April was on a 20% annual increase in construction area of residential projects to 389,588 square metres accompanied by a 26% increase in the value to €386.7m, Cystat said in a statement on its website on Wednesday.

The Cystat figures show a shift from detached houses, whose number rose 19% to 894, towards residential buildings with two or more homes, whose number rose 25% to 898 in January to April compared to the respective period last year.

Building permits rose an annual 62% in the first four months of the year to 89,771 square metres in terms of construction area and 53% to €106.4m in terms of value, Cystat said.

Building permits are a significant leading economic indicator.

Source: Cyprus Mail