By Stelios Orphanides
The area and value of projects that secured a building permit in the first quarter rose to 298,121 square metres and €315.8m respectively, in both cases 29 per cent higher compared to the respective period of 2016, the statistical service said.
The increase was mainly on increased demand for new housing with the area and value of projects securing a building permit in January to March rising an annual 34 per cent and 32 per cent, to 260,596 square metres, and €249m respectively, Cystat said in a statement on its website. The number of housing units rose 37 per cent, to 1,176.
Building permits for non-housing units rose 5.6 per cent in the first three months of the year in terms of area, to 36,689 square metres and 36 per cent in terms of value, to €47.7m, compared to the respective quarter last year, Cystat said. The non-housing projects included permits for six hotels with a total area of 4,684 square metres and a value of €5.9m.
Building permits are an important economic leading indicator.