articles | 07 July 2016

Cyprus building permits drop 4.9% in first four months of 2016

Building permits in January to April dropped an annual 4.9% in terms of construction area and 5.2% in terms of project value to 279,299 square metres and €298 m respectively, the statistical service said.

The overall drop in building permits in the first four months of the year resulted from a 37% slump in construction area to 38,324 square metres and 24% in value to €39.5 m of commercial construction projects compared to the respective period of 2015, Cystat said in a statement on its website. The drop was partly offset by a 5.7% increase in the construction area of housing projects to 239,277 square metres and 7.7% rise in value to €233.6 m.

The number of new housing units which received a building permit in the first four months of the year was 1,062, according to the statement. In April alone, the number was 201.

Source: Cyprus Mail

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