Building permits up 42% in January to July, Cystat says

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By Stelios Orphanides

The construction area of projects that obtained a building permit in the first seven months of the year rose 42 per cent, to 773,251 square meters, compared to the respective period of 2016 and their value rose 49 per cent, to €857.6m, the statistical service said.

This is mainly due to a 41 per cent year-on-year increase in the construction areas of housing projects that received a building permit, to 607,547 square meters, and a 50 per cent rise in their value, to €623.1m, Cystat said in a statement on its website on Thursday. The construction area of non-housing projects rose 18 per cent, to 131,427 square meters, and their value 11 per cent, to €136.2m.

The number of residential units that received building permits rose 40 per cent in January to July, to 2,807, compared to a year before, Cystat said. Almost half of them are detached houses.

Building permits are a significant leading economic indicator.

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About Author

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

  • AnalogMind

    Construction is a robust part of the GDP. Congrats to the ROC especially because new construction in Greece is almost dead.

  • Cydee

    More of this once-green island going under the concrete…

  • Gui Jun An

    The greater the rise, the further the fall. Over construction widens trade gap. Inadequately collateralized loans bankrupt banks and the economy. We never learn…