Cyprus building permits up in June

Offices make a comeback

The number of building permits authorised by the municipal authorities and the district administration offices during June 2007 stood at 880, a rise of 5.1% compared with the 837 authorised in June 2006, while data for the first six months show that the construction of offices has also climbed.

The total value of these permits rose by 27.9% year on year to reach CYP 136.3 mln (EUR 232.88 mln) even though the total area fell by 1.7% to 304,100 square metres.

These building permits provide for the construction of 1,797 dwelling units.

During the period January-June 2007, 5,027 building permits were issued, registering an increase of 0.7% compared to the corresponding period of the previous year.

However, the total value of these permits increased by a much higher 17.3% and the total area by 5.3%.

Τhe number of dwelling units recorded a rise of 4.3%.

Office permits up 7% in Jan-June

After what seemed to be a decline in the number of permits issued for offices, the number of office building permits showed a rise in the first six months of 2007 of 7% year on year, while the value involved increased by 59% to CYP 15.5 mln (EUR 26.48) and the area by 52.3 square metres.

However, residential building still dominates in terms of absolute value.

It accounted for CYP 735 mln (EUR 1.26 bln) in January-June, a rise of 17.6% over the same period of 2006.

In terms of growth, residential building is dominated by “buildings with more than two housing units” (mainly apartments), up by 36.1% year on year in Jan-June to CYP 392.6 mln (EUR 670.8 mln), while single houses, though lucrative, were up by only 1.9% to CYP 342.1 mln.

Fiona Mullen