CYPRUS: Building permits for housing increase 45% in first five months

The number of homes to be built recorded an annual increase of over 45% in the first five months of the year to May with permits providing for 3,388 dwellings from 2,333 in 2018.

According to official figures, during the period January – May, 2,820 building permits were issued compared with 2,596 in the same period last year.

The total value of these permits rocketed 128.2% to €1.49 bln from €655 mln, while the total area covered went up 53.8%, with the number of homes provided for recording a rise of 45.2%.

Building permits authorized by local authorities in May alone stood at 709 with a total value of €287.9 mln for a total area of 258,500 square metres.

These building permits provided for the construction of 907 dwellings.

Data on building permits is a good indicator on the health of the construction industry.