articles | 12 October 2017

Building permits up 42% in January to July 2017

The construction area of projects that obtained a building permit in the first seven months of the year rose 42%, to 773,251 square meters, compared to the respective period of 2016 and their value rose 49%, to €857.6m, the statistical service said.

This is mainly due to a 41% year-on-year increase in the construction areas of housing projects that received a building permit, to 607,547 square meters, and a 50% rise in their value, to €623.1m, Cystat said in a statement on its website on Thursday. The construction area of non-housing projects rose 18%, to 131,427 square meters, and their value 11%, to €136.2m.

The number of residential units that received building permits rose 40% in January to July, to 2,807, compared to a year before, Cystat said. Almost half of them are detached houses.

Building permits are a significant leading economicindicator.

Source: Cyprus Mail

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