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Building permits rose in January to November an annual 45 per cent in terms of construction area, to 1,354,786 square metres and 53 per cent in terms of budget to €1.6bn, the statistical service said.

The increase was mainly on a 43 per cent rise in the construction area of housing projects that received a building permit from local authorities in the first eleven months of 2017 to 1,063,650 compared to the respective period of 2016, Cystat said in a statement on its website on Tuesday. The overall value of housing projects rose 49 per cent to over €1.1bn.

Less than 30 per cent of the construction activity which received the go-ahead from the local administration is in Nicosia while that in Limassol makes up more than 37 per cent, Cystat said. Around 13 per cent of the projects are in Larnaca and Paphos each and 6.6 per cent in the Famagusta area.

The construction area of non-housing construction projects licensed by the local administration rose an annual 38 per cent to 225,238 square metres while their total value rose 41 per cent to €298.3m in January to November, Cystat said.

Source: CyprusMail