COVID19: Cyprus construction industry on the up pre-coronavirus

Cyprus’ construction industry was on the rise prior to the coronavirus outbreak, as building permits increased during the first two months of the year by 5.6% compared to the same period of 2019.

Cyprus Statistical Service data shows permits issued in the two-month period January-February increased to 1,129 compared with 1,069 in the same period last year.

Their total value amounted to €346 mln recording an increase of 20.9% year on year, while the total area to be utilised rose by 10,7%.

The number of housing units covered by the permits recorded an increase of 22.4%.

In February, the number of building permits issued by local authorities amounted to 591.

The total value of these permits reached €167.5 mln and covered a total area of 149,700 square metres.

Building permits are an important indicator of future activity in the construction sector, which reopened on Monday after 50 days in lockdown.