articles | 21 January 2016

Building permits up in October 2016

Building permits were up in October 2016, in number, total area and value, according to data from the Statistical Service Cystat.

The number of building permits authorised by the municipal authorities and the district administration offices in October were 467.

The total value of these permits reached €81.9 mln, up 10.5%, and the total area 76,800 square metres, up 9.6% compared to October 2014.

These building permits allow for the construction of 290 dwellings. Building permits granted in October 2014 allowed for the construction of 271 dwellings.

During the January–October period, a total of 4,160 building permits were issued compared to 4,180 in the corresponding period of the previous year.

The total value of these permits was up by 18.3% and the total area by 14.2%. Τhe number of dwelling units also recorded an increase of 14.2%.

Building permits constitute a leading indicator of future activity in the construction sector.

The number of building permits issued in the January–October period in Nicosia and Famagusta Districts was up while it fell in the Limassol, Paphos andLarnaca Districts.

However both the total area and number of dwellings the permits increased in all Districts. The value of building permits was also up in all Districts but Larnaca.

Source: Financial Mirror

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