Number of Building Permits is Up

Number of Building Permits is Up

The number of building permits authorised in November 2016 stood at 550 compared with the 421 authorised in November 2015; a rise of 30.6 per cent according to official figures released by the Cyprus Statistical Service. Compared with November 2015, the total value of these permits rose 63.5% to €113.5 million, while their total area rose 56.1% to 100.3 thousand square metres. During November 2016, building permits were issued for: Residential buildings – 402 permits, Non-residential buildings – 102 permits, Civil engineering projects – 15 permits, Division of plots of land – 24 permits, Road construction – 7 permits.

The 402 residential building permits approved in November provided for the construction of 341 new homes comprising 258 single houses and 83 multiple housing units (such as apartments, semis, townhouses and other residential complexes); an increase of 33.7% compared with November 2015 when building permits were issued for the construction of 290 new homes.

During the first eleven months of 2016 the number of building permits authorised for both residential and non-residential projects increased by 7.0% to 4,900 compared with the 4,581 authorised during the same period of the previous year. The total area of these permits rose by 16.8% to 933.8 thousand square metres and their total value rose by 12.3% to €1,027.8 million. The number of housing units increased by 10.5%. According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.