Building permits up 25% in January to April

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By Stelios Orphanides

Building permits rose in the first four months of 2018 an annual 25 per cent in terms of construction area to 480,385 square metres and 28 per cent in terms of value to €517m, the statistical service said.

The increase in building permits in January to April was on a 20 per cent annual increase in construction area of residential projects to 389,588 square metres accompanied by a 26 per cent increase in the value to €386.7m, Cystat said in a statement on its website on Wednesday.

The Cystat figures show a shift from detached houses, whose number rose 19 per cent to 894, towards residential buildings with two or more homes, whose number rose 25 per cent to 898 in January to April compared to the respective period last year.

Building permits rose an annual 62 per cent in the first four months of the year to 89,771 square metres in terms of construction area and 53 per cent to €106.4m in terms of value, Cystat said.
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]

  • JS Gost

    So NPL’s will be going up correspondingly ?

  • Philippos

    “Significant Leading Indicator of the economy”?? Some thoughts, are we back to “Build Now, Permits Later”, if so, then there is a fair amount of retrospective data here. Second, no reference to “Lot Size”, so one Cardomonas Marina can account for a lot of Sq M, but it says very little about the economy of Cyprus, more about PRC and Russian Federation. The “Trend” to “Flats” or Polykatichies is a bit of a clue and as to where rents for apartments are going. It may also be saying that newlyweds / younger people cannot any longer afford houses / single houses and that would be a negative, not a positive, leading indicator. So come on guys, give us some Analysis instead of just raw data

    • Cydee

      Quite agree; throwing out numbers tells us nothing……..But perhaps that’s how they want it.

  • wheetabix

    the silver lining is that we will run out of space soon. And the silver lining of that is that they might put in some effort to solve the Cyprus problem so that we free up some more space

  • 15NOV83.

    Means more trees cut