articles | 15 January 2018

Building permits up 32% in first 10 months of 2017

The area of construction projects that secured a building permit in January to October last year rose an annual 35% to 1,129,084 square meters, while their value rose 38%, to €1.3bn, the statistical service said.

The increase was mainly on a 32% annual increase in the construction area of housing projects, to 875,565 square meters, and a 33% rise in their value, to €904m, Cystat said in a statement on its website on Monday.

The permits provide for the construction of 1,949 new detached houses, 26% more compared to January to October 2016, Cystat said. The number of semi-detached houses to be built rose 23%, to 640, and that of residential apartment blocks 82%, to 1,089.

The building permit data shows that the construction area of licenced non-housing projects rose 31% in the first 10 months of 2017, to 217,670 square meters, compared to the respective period of 2016, while their value rose 19%, to €220,766.

Civil engineering projects that received a building permit in January to October rose in terms of construction area 637%, to 35,849 square meters, Cystat said. Their value rose 532% to €102m.

Building permits are a significant economic indicator.

Source: Cyprus Mail

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