The construction area of housing projects that received a building permit in the first three months of the year rose 17%, to 303,716 square meters while their value rose 23%, to €305.8m, compared to the respective period last year, Cystat said in a statement on Wednesday. The permits concern 808 detached houses, up 16%, and 244 residential units with two or more homes, up 19%.

Building permits for commercial projects more than doubled in the first quarter, to 74,653 square meters, while their value rose an annual 79%, to €85.6m, Cystat said. The increase was mainly on a sevenfold rise in the construction area of wholesale and retail trade buildings, to 24,640, whose value almost tripled to €22.3m. Building permits for hotels and other related buildings rose an annual 48%, to 12,238 square meters and 123%, to €24.8m respectively.

Building permits are considered an important leading economic indicator.

Source: Cyprus Mail