BUILDING PERMITS

The increase in the value of the building permits has reached 45.8%.

The value of the building permits issued during the period January- September 2018 has increased to 45.8% on an annual basis, reaching €1,55 billion compared to €1,06 billion the same period last year. The increase is mainly due to the rise of the big projects.

According to data by the Statistical Service, published by the Cyprus News Agency, the number of building permits issued during the same period rose to 4702, demonstrating an increase of 9.83% compared to 4281 the same period January- September 2017.

The biggest growth during the period January- September 2018 was due to the value of the big projects which increased 78% and reached 0.97 billion compared to €0.53 billion the respective period last year. Respectively, the number of building permits issued during the same period increased 61.4% and reached 394 while the area increased 50% and reached 681128 square meters.

Regarding the small projects, the number of permits issued during the period January- September 2018 increased 6.71% and reached 4308 compared to 4037 the respective period last year.

Besides, according to the Statistical Service in September, the number of building permits issued by the municipal authorities and district administrations during September 2018 rose to 588.

The total value of these permits has reached €160,2 million and the total area 155,2 thousand square meters. With these permits, 576 housing units are expected to be constructed.

The building permits are considered to be a strong indication for the future activity in the construction sector.