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Building permits rose in the first four months of 2018 an annual 25 per cent in terms of construction area to 480,385 square metres and 28 per cent in terms of value to €517m, the statistical service said.

The increase in building permits in January to April was on a 20 per cent annual increase in construction area of residential projects to 389,588 square metres accompanied by a 26 per cent increase in the value to €386.7m, Cystat said in a statement on its website on Wednesday.

The Cystat figures show a shift from detached houses, whose number rose 19 per cent to 894, towards residential buildings with two or more homes, whose number rose 25 per cent to 898 in January to April compared to the respective period last year.

Building permits rose an annual 62 per cent in the first four months of the year to 89,771 square metres in terms of construction area and 53 per cent to €106.4m in terms of value, Cystat said.
Building permits are a significant leading economic indicator.

Source: CyprusMail