Cyprus building permit value rises sharply

The number of building permits authorised in May was stagnant compared with the same month of 2004, but the value of building permits and the area to be constructed rose sharply.

The total number of building permits authorised recorded 707 in May 2005, the same number as in May 2004.

The value of permits, however, rose by 11.7% year on year to CYP 112.2 mln and the area authorised rose even faster, by 15.9% to 289,171 square metres.

This trend–of a smaller number of larger units–is also reflected in the January-May figures.

These show a rise of 5.4% year on year in the number of building permits, but a bigger rise of 16.7% in the value and 12.9% in the area.

Indeed, figures show that ‘big’ projects (those of more than 900 square metres) are rising much faster than small projects.

The number of big projects authorised rose by 41.4% year on year in January-May, compared with a rise of only 1.8% for small projects.

Office and apartment blocks are booming

As was already evident from the daily attack on our ears, the figures show that residential construction is booming: the number of dwelling units authorised rose by 28.7% year on year in the January-May period. Of those, residential apartment blocks were up by 68.4%.

And as witnessed by the fast disappearing car spaces, office buildings are also booming: up by 66.7% in the same period.

Fiona Mullen