Building permits up 29% in Q1 2017

The area and value of projects that secured a building permit in the first quarter rose to 298,121 square metres and €315.8m respectively, in both cases 29% higher compared to the respective period of 2016, the statistical service said.

The increase was mainly on increased demand for new housing with the area and value of projects securing a building permit in January to March rising an annual 34% and 32%, to 260,596 square metres, and €249m respectively, Cystat said in a statement on its website. The number of housing units rose 37%, to 1,176.

Building permits for non-housing units rose 5.6% in the first three months of the year in terms of area, to 36,689 square metres and 36% in terms of value, to €47.7m, compared to the respective quarter last year, Cystat said. The non-housing projects included permits for six hotels with a total area of 4,684 square metres and a value of €5.9m.

Building permits are an important economic leading indicator.

Source: Cyprus Mail

Cyprus Profile

articles | 09 June 2017