Cyprus Value of building permits up 49.2%

The total value of building permits issued in the first seven months of the year increased by 49.2% and the total area by 41.6%, the Statistical Service of Cyprus reported on Thursday.

During the period January – July 2017, 3.362 building permits were issued compared to 3.053 in the corresponding period of the previous year, said Cystat.

Τhe number of dwelling units recorded an increase of 39,7%, it added.

The Statistical Service announced that the number of building permits authorized by the municipal authorities and the district administration offices during July 2017 stood at 492.

The total value of these permits reached €202,3 million and the total area 176,1 thousand square metres. These building permits provide for the construction of 537 dwelling units.

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