CYPRUS: Number of building permits issued jumps 12%

During the 11-month period January to November 2018, building permits issued in Cyprus increased 12.05% to 5,929 compared to 5,291 in the same period of 2017.

The total value of these permits increased 20.9% from €1.6 bln to €1.9 bln and the total area covered by 17.1%.

The number of homes provided for also increased 23.5% to 5,697 from 4,614.

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

The biggest rise in permits over the 11-month period was a 97.6% spike in the Famagusta district, followed by Nicosia with an increase of 31.1%.

However, this was offset by a decrease of 6.4% in Paphos and a 1.2% decline for Limassol – two regions which are the main drivers of the home-building industry.

The number of building permits authorised by local authorities during November alone stood at 597.

The total value of these permits reached €156.6 mln, covering a total area of 151,500 square metres. These building permits provide for the construction of 580 housing units.