CYPRUS: Building permits increase 9% in first eight months

Building permits approved by local authorities increase 9.06% with their total value exceeding €1.4 bln during the eight-month period January – August 2018, according to official data.

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During the first eight months, 4,114 building permits were issued compared to 3,772 in the same period of 2017.

The total value of these permits spiked 46.8% to €1.4 bln from €948 mln while the total area covered increased 30.3% and the number of housing units recorded a rise of 28.6% from 3,051 to 3,924.

The number of building permits authorized during August alone stood at 415.

The total value of these permits reached €349.7 mln covering a total area 148,000 square metres. These building permits provide for the construction of 453 housing units.

Famagusta saw the biggest demand for building permits with a rise of 109% for January-August followed by Nicosia up 52.7%, Larnaca 22% and Limassol 15.5% while Paphos – popular with Chinese buyers – retreated 5.9%.

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