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Value of building permits in first half of year increases over 100% annually

September 10, 2019 at 2:54pm

The value of building permits issued in the first half of this year increased by over 100% compared to the first six months of 2018, data released on Tuesday by the Cyprus Statistical Service show.

According to the official data, the number of building permits authorized by the municipal authorities and the district administration offices in June 2019 stood at 573.

The total value of these permits reached €208.7 million and the total area 189.1 thousand square meters. These building permits provide for the construction of 812 household units.

During the period January – June 2019, 3,393 building permits were issued compared to 3,110 in the corresponding period of the previous year.

At the same time, the total value of these permits increased by 115.9% reaching €1.7 billion compared to €788.7 million in the first half of 2018. The total area is up by 52.1%. while the number of household units to be constructed recorded an increase of 47.9%.

Building permits constitute a leading indicator of future activity in the construction sector, the Statistical Service says.

(CNA)