Cyprus Mail
Cyprus

Building permits hit 41% rise in new homes in January to May

The number of new housing units which received a building permit between January and May rose 41 per cent to 1,889 compared with the respective period last year, the statistical service said.

The construction area of the housing units which received the go-ahead from municipal authorities in the first five months of the year rose an annual 39 per cent to 414,915 square metres, Cystat said in a statement on its website on Wednesday. Their value rose 38 per cent to €399m.

The number of detached houses rose an annual 19 per cent to 938 in the first five months of the year, while the number of semi-detached homes rose 49 per cent to 307, Cystat said. The number of flats rose 49 per cent to 603.

The construction area of non-residential projects which received a building permit from January to May rose 17 per cent to 74,211 square metres, compared with the respective five-month period last year, Cystat said. The value dropped 1.4 per cent to €82.2m.

Total building permits rose in the first five months of the year an annual 36 per cent to 495,592 square metres in terms of construction area and 28 per cent in terms of value to €514.1m, Cystat said.

Building permits are a significant leading indicator of economic growth.

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