Building permits in January to August 2016 rose in terms of volume but dropped in terms of value, an indication that construction activity is likely to continue picking up over the coming months on lower-value projects, the statistical service said.
The total area of projects which received a building permit in the first eight months of the year rose 4.5% to 615,262 square meters, compared with the respective period of 2015, while their value fell 7.3% to €638.9m, Cystat said in a statement on its website on Wednesday.
The construction area of housing projects and non-housing projects rose 5.3% and 5.8% to 479,452 square meters and 131,930 square meters respectively compared with the previous year, Cystat said. The value of housing projects rose 2.2% to €460.3m, while that of non-housing projects dropped 16% to €135.6m.
Civil engineer projects dropped in volume an annual 56% to 3,880 square meters and 73% to €14.5m in the first eight months of the year compared with January to August 2015, Cystat said.
Source: Cyprus Mail