Cyprus building permits up year on year in January

The number of building permits authorised by the municipal authorities and the district administration offices rose by 2.4% year on year to 775 in January copmared with 757 in January 2005, according to the Statistical Service CYSTAT.

The area of such permits rose by 4.8% to 280.8 thousand square metres, compared with 268.0 thousand sq m in the January 2005.

Prices appear to be rising, as indicated by the fact that the value of such permits rose even higher than the square metres. The value rose by 7.2% to CYP 112.5 mln, compared with CYP 104.9 mln in January 2005.

These building permits provide for the construction of 1,555 dwelling units compared to 1,474 in January 2005, a rise of 5.5% year on year.

Building permits constitute a leading indicator of future activity in the construction sector.