THE NUMBER of building permits authorised in Cyprus during May 2017 stood at 507 compared with the 440 authorised during the same period in May 2016; an increase of 15.2% according to official figures released by the Cyprus Statistical Service.
The total value of these permits rose by 7.0% to €108.6 million compared to May 2016, while their total area rose by 28.2% to 109.9 thousand square metres.
During May 2017, building permits were issued for:
- Residential buildings – 347 permits
- Non-residential buildings – 99 permits
- Civil engineering projects – 18 permits
- Division of plots of land – 34 permits
- Road construction – 9 permits
During the first five months of 2017, 2,368 building permits have been issued compared to 2,156 in the same period last year.
The total value of these permits increased by 28.3% and the total area by 36.2%.
Building permits for new homes
The 347 residential building permits approved in May provided for the construction of 289 new homes comprising 266 detached houses and 81 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 52.5% compared with May 2016 when permits were issued for the construction of 278 new homes.
Building Permits Issued for the Construction of
New Homes (Number of Dwellings)
During the first five months of 2017, the number of new homes for which permits have been issued rose by 41.0%.
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.