H1 building permits up 36%, Cystat says

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By Stelios Orphanides

The construction area of housing projects that obtained a building permit in the first half of the year rose an annual 36 per cent to 494,724 square meters and their value rose 38 per cent to €482.6m, the statistical service said.

Ιn June alone, the construction area of projects which acquired a building permit was 79,809 square meters and their value was €83.6m, Cystat said in a statement on its website on Wednesday.

The area of non-housing projects that secured a licence from local authorities in the first six months of the year rose 7.4 per cent to 95.820 square meters compared with the respective period of 2016, while their value rose 0.6 per cent to €108.2m, Cystat said.

The overall construction area of new projects rose 31 per cent to 597,134 square meters and their value rose 34 per cent to €655.3m, Cystat said citing building permit data issued by local authorities.

The building permits issued in the first half of the year show a 25 per cent annual increase in the number of detached houses to 1,144, 59 per cent increase to 1,126 of buildings with two or more housing units, including a 57 per cent rise in the number of houses with two apartments and 86 per cent increase in the number of residential apartment blocks to 675, Cystat said.

Building permits data are an important leading economic indicator.

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About Author

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

  • AnalogMind

    Very good news.

    • Cydee

      Is it?

      • Adele

        No!!!!

  • Douglas

    Another property explosion on the horizon ?