Building permits up 32% in first 10 months of 2017

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By Stelios Orphanides

The area of construction projects that secured a building permit in January to October last year rose an annual 35 per cent, to 1,129,084 square meters, while their value rose 38 per cent, to €1.3bn, the statistical service said.

The increase was mainly on a 32 per cent annual increase in the construction area of housing projects, to 875,565 square meters, and a 33 per cent rise in their value, to €904m, Cystat said in a statement on its website on Monday.

The permits provide for the construction of 1,949 new detached houses, 26 per cent more compared to January to October 2016, Cystat said. The number of semi-detached houses to be built rose 23 per cent, to 640, and that of residential apartment blocks 82 per cent, to 1,089.

The building permit data shows that the construction area of licenced non-housing projects rose 31 per cent in the first 10 months of 2017, to 217,670 square meters, compared to the respective period of 2016, while their value rose 19 per cent, to €220,766.

Civil engineering projects that received a building permit in January to October rose in terms of construction area 637 per cent, to 35,849 square meters, Cystat said. Their value rose 532 per cent to €102m.

Building permits are a significant economic indicator.

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About Author

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

  • JS Gost

    Ripping people off with overpriced sponges just to sell passports and residencies is not a sustainable model for an economy. Who is funding this madness ? When it all goes belly up it will make 2013 look like a blip.

  • Arnt Otto Østlie

    We bought our villa in 2010 at a good price, and with a generous room plan, too, after the market had started to slide. We noted that much of the other offerings were still both cramped and expensive. Tough luck for people who have been cheated, but I hope that these new projects are more sober.

  • almostbroke

    Have all the developers paid off their N P Ls ?

    • Vladimir

      They will never do that, it’s their lifestyle…

  • Vladimir

    Is somebody still buying something here? I thought people only rent and when moving out don’t pay remaining bills to “help” Cypriots )))
    I did so last time in 2014 when moving from Nicosia to Limassol, Cypriot owner still chases me trying to sue, good luck to this idiot)))

  • Dai

    Surely they need to sort out the Title Deeds crisis before flooding the market with new builds again. What about the builders debts?

    • Cydee

      Quite. Mine still outstanding after 28years from full-payment.

  • Philippos

    What a lot of METERS! Are they gas, water or electricity METERS

  • Sink the EU

    Great news!