Cypriot banks to benefit from rising building permits, Moody’s says

A sustained increase in demand in building permits will assist Cypriot banks to improve their asset quality in the real estate sector, rating agency Moody’s says, as building permits in Cyprus reach a new high since the 2013 banking crisis. The Statistical Service of Cyprus released data showing that the number of building permits issued in the country during the first four months of 2017 reached their highest level since the 2013 banking crisis. According to Moody’s, during the first four months of 2017, 1,861 building permits were issued, 8% more than the year-earlier period. The increase is the result of a 38% increase in building permits for the construction of new homes, while the total value of permits issued in the first four months of 2017 was 36% higher than in 2016.

Source: Cyprus News Agency