CYPRUS: Building permits reach a 7-year high

The number of building permits issued in 2018 reached their highest level since 2011, official data showed Wednesday.

Building permits authorized by local authorities last year reached 6,408 from 5,728 in 2017.

The total value of these permits increased by 19.5% (to €2.1 bln from €1.7 bln) and the total area covered by 11.9% while number of homes provided for spiked 25.6%.

Permits issued in December alone stood at 479. The total value of these permits reached €158.8 mln covering a total area of 139,900 square metres. These building permits provide for the construction of 504 housing units.

Building permits increased in all districts except for Paphos (-4.1%), the biggest winner was Famagusta where they went up by 35.6%, followed by Nicosia up 15%, Larnaca 13.2% and Limassol 11.6%

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