Value of building permits rose to Euros 655 million in January – May 2018

The number of building permits issued in Cyprus in the first five months of 2018 rose by 9.6% compared with the respective period of 2017 with the value amounting to Euros 655 million owing to the increase in permits for large projects, Cyprus Statistical Service said on Wednesday.

Building permits constitute a leading indicator of future activity in the construction sector.

According to Cystat, the number of building permits issued in the period of January � May 2018 reached 2,596 compared with 2,368 in the respective period of 2017. The value of these permits amounted to Euros 655 million, up by 27.4% year on year, while total area rose by 25.6%.

Building permits for small projects amounted to 2,413 in January-May 2018, marking an increase of 7.8% year on year, while the value amounted to Euros 337 million. Total area rose by 17% to 327,000 square metres, according to Cystat.

Building permits for large projects spiked by 42% to 183 in the first five months of 2017. The permits’ value rose by 47% to Euros 318 million compared with Euros 215 million in the respective period of last year. Total area for large projects increased to 327.000 sq. metres compared with 280.000 in January � May last year.

In May building permits authorized by the municipal authorities and the district administration offices stood at 612.

The total value of these permits reached Euros 138,1 million and the total area 142,0 thousand square metres. These building permits provide for the construction of 541 dwelling units, Cystat added.

The southern coastal town of Larnaca toped the list in terms of annual growth. Building permits in Larnaca amounted to 455 in January � May 2018 marking an increase of 32% year on year. Building permits in the southwestern district of Famagusta rose by 14.4% to 127, while building permits in Limassol rose by 10% year on year to 756. In the capital Nicosia building permits rose by 9% to 949 compared with 874 in the period of January � May 2017.

Building activity in Pafos shrank by 12% with building permits declining to 309 from 350.

Source: Cyprus News Agency