Cyprus building permits up 12.5% by value in 2007

The number of building permits authorised rose in value by 12.5% in 2007 to CYP 128.2 million, compared with growth of 8.1% in 2006.

The actual number of permits authorised fell by 2.8% to 9,521 in 2007, as demand for apartment blocks rose relative to demand for single houses, which are beginning to become out of reach for the average Cypriot buyer. 

Τhe number of dwelling units authorised  recorded a rise of 8.3%, while the the total area of building permits authorised rose by 3.0%.

In December alone, the number of building permits stood at 740. The total value of these permits reached CYP 128.2 mln and the total area 284,700 square metres. These building permits provide for the construction of 1,705 dwelling units.

Building permits constitute a leading indicator of future activity in the construction sector.