Larnaca leads building permit growth

Urban Nicosia declines

 

Growth in the number of building permits authorised in Cyprus reached 8.8% year on year in January to September, down from 11.9% year on year in January-August. They reached a total value of CYP 1.04 bln, or around 12% of annual GDP.

The fastest growing district by value has been Larnaca. In January to September, the value of building permits authorised in Larnaca rose by 18% to CYP 184.0 mln, with urban permits (up 21.8%) rising faster than rural permits (up 11.9%).

By contrast, the slowest district has been Nicosia, with the value of permits actually falling by 1.8% year on year to CYP 341.7 mln. This fall has been concentrated in urban areas, where there was a fall of 16.8% by value. Rural areas of Nicosia, where prices are probably cheaper, are booming, with the value of permits up by 61.3% year on year. F.M.