CYPRUS: Building permits for housing increase 45% in first five months

The number of homes to be built recorded an annual increase of over 45% in the first five months of the year to May with permits providing for 3,388 dwellings from 2,333 in 2018.

According to official figures, during the period January May, 2,820 building permits were issued compared with 2,596 in the same period last year.

The total value of these permits rocketed 128.2% to Euros 1.49 bln from Euros 655 mln, while the total area covered went up 53.8%, with the number of homes provided for recording a rise of 45.2%.

Building permits authorized by local authorities in May alone stood at 709 with a total value of Euros 287.9 mln for a total area of 258,500 square metres.

These building permits provided for the construction of 907 dwellings.

Data on building permits is a good indicator on the health of the construction industry.

Source: The Financial Mirror