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REAL ESTATE

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Building Permits Rise Up by 10%

Building Permits Rise Up by 10%

There was a 10% increase in the number of building permits authorized by the municipal authorities and the district administration offices, both in June 2017 and during the first semester of 2017, the Cyprus News Agency reports.
 
According to the data released on September 6 by the Statistical Service of the Republic of Cyprus, during the period January – June 2017, 2,870 building permits were issued compared to 2,611 in the corresponding period of the previous year.
 
The total value of these permits increased by 33.7% and the total area by 31.1%. The number of dwelling units recorded an increase of 39.5%.
 
The number of building permits authorized by the municipal authorities and the district administration offices during June 2017 stood at 502, compared to 455 in June 2016.
 
The total value of these permits last June reached €141.3 million, compared to €89.7million in June 2016. Their total area covered 101.5 thousand square metres, compared to 91.3 square metres last June. These building permits provide for the construction of 381 dwelling units.
 
Building permits constitute a leading indicator of future activity in the construction sector.

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