Building permits up 29% in Q1, Cystat says

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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.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Cydee

    More concrete …..one day Cyprus will sink into the Med.

  • cyprus observer

    This is a very short sighted method of trying to measure the economy. As we all know there is a huge oversupply of the U insulated, badly designed concrete boxes in Cyprus due to a complete lack of strategic and town planning. Developers have been allowed to do what they want. The result…..masses of substandard, unfinished shells all over the island, a real blot on the landscape. What Cyprus needs to do is start work on HOW they intend to fill these boxes…who will come here to live, work, pay taxes and have a positive impact on a sustainable basis to the economy? But like so many other things in Cyprus, only the short term issues are thought about…forget the bigger picture and longer term planning horizon. Since 1980, Cyprus could, with planning and leadership, have become a “jewel in the crown”……but we all know why this has not materialised. Cyprus will stagger on in its own way until the next round of problems……….

    • Cydee

      So true. My terraced cottage was finished – and paid in full – in 1991 (yes still waiting for you-know-what). One of the selling points from the developer was that the land at the back of us (which we all cultivated into public-parkland) would never be built on because it was ‘government land’. Well, in 2008 the bulldozers arrived and built on it. To my knowledge, only 2 houses have been bought – by Nicosians for weekend/holidays. The rest remain windowless shells. probably uninhabitable by now.
      I always said that if I came into money – which I won’t – I’s buy the empty shells, knock’em down and redevelop the park.