Strong rise in Cyprus building permits

Limassol, Larnaca boom

The construction industry is alive and kicking in as witnessed by the building permits figures for January to April.

Building permits authorised in this period surged by 9.3% year on year in Jan-Apr to 3,293, compared with 3,014 in the same period of 2005.

In April alone, building permits rose by an even higher 10.6% compared with April 2005.

The strongest rise in the first four months of the year was recorded by Limassol, which rose 16.2%, closely followed by Larnaca at 15.3%.

Only Paphos, which commands a higher price because of its generally more favourable climate, declined. In a sign that prices may have reached their peak, building permits declined by 2.1% year on year in January-April.

The fact that building permits rose by a healthy 8.5% year on year also in the non-seaside capital, Nicosia, during the same period, suggests that the growth in construction is broadbased and not just dependent on foreign holiday home-buyers.

Overall, apartment blocks and tourist apartments and villages showed a strong rise.