ECONOMY: Cyprus building permits increase in value and area covered

Building permits issued in the first two months of the year recorded an 8.63% increase compared to those issued in the same period in 2018.

According to the Cyprus Statistical Services, the area covered of licensed projects also increased by 22.4% while the number of housing units spiked 23.9% in January and February.

The largest increase was recorded in Limassol with the area covered by approved project almost doubled (82.9%), while Famagusta and Nicosia recorded drops in the area of projects for which a building permit has been issued.

The total value of permits issued in January and February increased to EUR 286.2 mln from EUR 247.5 mln last year, recording an increase of 15.6%.

Building permits issued by municipalities and local authorities also recorded an increase in absolute numbers.

Permits issued in the first two months of 2019 amounted to 1069 compared to 984 in the same period last year.

Based on the permits issued, around 1124 housing units are expected to be built compared to 907 last year.

Building permits are an important indication of future activity in the construction sector. Last year saw the highest number of building permits issued since 2011.

Source: The Financial Mirror