CYPRUS: Value of building permits in first seven months jumps 91%

Cyprus building permits issued in July and for the first seven months of the year recorded a significant increase while their value also shot-up.

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According to official data, the number of building permits issued by local authorities in July reached 743 compared to 589 in July 2018 and 573 in June this year.

The total value of these permits reached €295.4 mln, covering a total area of 236,800 square metres, provide for the construction of 1,028 residential units.

During the seven-month period January – July some 4,136 building permits were issued compared to 3,699 in the same period last year.

The total value of these permits increased by 91.8% (€1.99 bln) and the total area by 42.5% while the number of residential units also recorded an increase of 50.6% (5,228).

All the districts showed an improvement except Famagusta.

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

Last year the licensing of new building projects by the authorities reached its highest point since 2011.