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.