Cyprus building permits up 13.6% in Jan-July

Civil engineering booms, hotels out of favour

 

The number of building permits authorised rose by 28.3% year on year to reach 788 in June and provided for 1,745 dwelling units.

For the first seven months as a whole, the number of building permits authorised rose by 13.6% compared with the same period of 2005 and the value rose by 11.1%. The total area of permits rose by 6.9%.

Permits for residential property rose by 10.1% in the first seven months and permits for non-residential property rose by 19.1%. However, this figure disguises a rise of over 100% for tourist apartments and villages and a fall of over 33% for hotels.

Perhaps because of the upgrading of the airports, civil engineering projects continue to boom. The number of authorisations for civil engineering projects was up 42.1% year on year in January-July and the value was up by 58.9% to CYP 4.7 mln.

The category called “divisions of plots and road construction” rose by 37.8% in number and 32% in value. F.M.