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The value of building permits spiked by an annual 46% in January – September 2018 to €1.55 billion owing to rise in large projects, according to data released on Tuesday by the Cyprus Statistical Service (Cystat).
 
The number of building permits issued in the period of January – September 2018 amounted to 4.702 marking an increase of 9.38% compared with 4.281 permits issued in the respective period of 2017.
 
According to Cystat, the largest increase was recorded in the value of large project which spiked by 78% to €0.97 billion compared with €0.53 billion in the respective period of 2017. The number of permits for large projects rose by 61.4% to 394 while the area of these permits rose by 50% to 681.128 square metres.

Building permits for small projects for the period of January – September 2018 rose by 6.71% to 4,308 compared with 4,037 in the respective period of 2017.

In September the number of building permits authorized by the municipal authorities and the district administration offices during September 2018 stood at 588.

The total value of these permits reached €160.2 million and the total area 155,2 thousand square metres. These building permits provide for the construction of 576 dwelling units.

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

Source: Stockwatch