Cyprus Mail
Cyprus

Residential building permits up 43%, as homes get larger, costlier

By Stelios Orphanides

Building permits for residential buildings rose in January to August an annual 43 per cent in terms of construction area to 683,246 square meters and 52 per cent in terms of value to €699.2m, the statistical service said.

The number of residential units which obtained a building permit in January rose an annual 36 per cent in the first eight months of the year to 3,051, Cystat said in a statement on its website on Wednesday.

The housing units that obtained a building permit in the first eight months of the year are bigger than those which got their permit a year before a total of 9.7 square meters and have an average area of 223.9 square meters, Cystat said. Their average value is €229,155 which is 11 per cent higher compared to last year.

With respect to commercial buildings, building permits rose 6.2 per cent to 140,070 square meters in terms of area in the first eight months of the year and 7.8 per cent in terms of value to €146.2m compared to January to August last of year, Cystat said.

Total building permits rose an annual 39 per cent in terms of area to 858,283 square meters in terms of project area and 49 per cent in terms of value to €948m, Cystat said.

Building permits are considered a significant economic leading indicator.

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