Cyprus Mail
Business Cyprus

Building permits up 26 per cent in January to May

 

Building permits rose in the first five months of the year an annual 26 per cent, the statistical service said on Wednesday.

The permits covered 622,429 square metres in terms of construction area and 27 per cent in terms of volume, a value of €655.1m.

The bulk of the new construction projects that received a building permit in January to May concerned residences with total construction area increasing 20 per cent to 499,666 square metres compared to a year before and their value rising 22 per cent to €487.1m, Cystat said.

Non-housing projects rose 63 per cent in May to June compared to the respective period last year in terms of construction area to 121,154 square metres and 70 per cent in terms of value to €139.9m, Cystat said.

The area of large-scale projects, benefiting from the government’s town-planning relaxations, rose in January to May an annual 37 per cent to 294,820 square metres. Those of smaller projects rose 17 per cent to 327,609 square metres, Cystat said. Their respective value rose 47 per cent to €317.7m and 13 per cent to €337.3m.

 

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