Value of building permits continues to rise

The value of building permits authorised in Cyprus continues to rise even while the number has fallen.

According to the last figures from the Statistical Service, the number of building permits authorised by the municipal authorities and the district administration offices during May 2007 stood at 861, compared with 862 in May 2006.

The total area in May was also down, reaching 333,002 square metres compared with 380.135 in May 2006.

However, the total value of these permits rose: they reached CYP 162.7 mln in May 2007, compared with CYP 145.3 mln in May 2006.

The building permits in May provide for the construction of 1.426 dwelling units.

During the period January-May 2007, 4,147 building permits were issued, down by 0.2% over the corresponding period of the previous year. But the total value of these permits increased by 19.5% and the total area by 6.7%.

Τhe number of dwelling units recorded a rise of 4.5%.