The permits covered 622,429 square metres in terms of construction area and 27% in terms of volume, a value of €655.1m.

The bulk of the new construction projects that received a building permit in January to May concerned residences with total construction area increasing 20% to 499,666 square metres compared to a year before and their value rising 22% to €487.1m, Cystat said.

Non-housing projects rose 63% in May to June compared to the respective period last year in terms of construction area to 121,154 square metres and 70% in terms of value to €139.9m, Cystat said.

The area of large-scale projects, benefiting from the government’s town-planning relaxations, rose in January to May an annual 37% to 294,820 square metres. Those of smaller projects rose 17% to 327,609 square metres, Cystat said. Their respective value rose 47% to €317.7m and 13% to €337.3m.

Source: Cyprus Mail