Cyprus Mail
Business Cyprus

Building permits up 26% in H1

Cyprus is over reliant on construction says fiscal council head

Building permits rose 26 per cent year-on-year in construction area in H1, to 753,615 square meters, and a 20 per cent increase in value, to €788.8m, the statistical service said on Friday.

Residential building permits rose 24 per cent in terms of construction area, to 612,427 square meters, and 22 per cent in terms of value, to €590.6m in the first six months of the year compared with the respective period of 2017.

Non-residential building permits rose between January and June an annual 45 per cent, to 138,960 square metres, and 48 per cent to €159.8m, Cystat said.

The building permits figures of H1 2018, a leading economic indicator, almost matched those of the respective period of 2012, fuelled by incentives to the construction industry offered by the government aimed at boosting both demand and supply. They include Golden Visas for property buyers, reduced taxes as well as generous town planning relaxations.



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