CYPRUS: House building permits surge nearly 10% as Larnaca leads the revival

A housing construction boom is blossoming with the number of building permits approved by local authorities in the first five months to May increasing 9.6% on the same period of 2017.

Building activity is on the rise in most areas of Cyprus except the Paphos district which has seen a 11.71% decline since last year, according to the Cyprus statistical service (Cystat).

During the five months January-May, 2,596 building permits were issued compared to 2,368 in the same period of 2017.

The total value of these permits increased by 27.4% to €655.1 mln as did the total area covered to 622,400 sq.m (up 25.6%), providing for 23.5% more housing units amounting to 2,333 from 1,889.
In May alone the number of building permits issued by local authorities stood at 612.

The total value of these permits reached €138.1 mln, covering a total area 142,000 square metres. These building permits provide for the construction of 541 homes.

Larnaca saw the biggest rise in construction activity with an annual increase of 31.8% in building permits issued, followed by Famagusta (14.41%), Limassol (9.88%) and Nicosia (8.58%).

Building permits constitute a leading indicator of future activity in the construction sector which says demand for homes is at its best level since the 2013 financial crisis.