Was recorded 14,4% increase in building permits

14,4% increase in building permits

A significant increase of 14.4% was recorded in April 2018 in the number of building permits, compared to April 2017. This data was released by the Statistical Service on Wednesday. An increase of 6.6% recorded in the first four months of this year.

The number of building permits issued by municipal authorities in April 2018 amounted to 469, compared to 410 in April 2017, recording an increase of 14.4%.

The total value of the permits

The total value of these permits, according to CYSTAT data, increased by € 17 million to € 106.6 million compared to € 89.6 million in April 2017.

1,397 residential buildings were licensed. 1,070 of which were detached houses with a total value of € 148.5 million. At the same time, 332 building permits were issued for non-residential buildings. 71 of them are hotels and similar buildings, totaling € 40, 3 million

At the same time, 27 building permits for office buildings totaling € 4.4 million. 39 licenses for wholesale and retail buildings worth € 23.5 million. As well we should mention 49 permits for industrial buildings and warehouses of total value € 25.5 millions.

An increase was also recorded in the total area, which amounted to 101.5 thousand square meters, compared to 87.6 thousand square meters last April. With licenses issued in April 2018, 418 residential units are planned to be built, compared with 289 planned to be built last April. In addition, during the period January – April 2018, according to the Statistical Service, 1,984 building permits were issued compared to 1,861 in the corresponding period of 2017, recording an increase of 6,6%.

The total value of these licenses increased by 27.5% and the total area by 24.5%. The number of residential units increased by 22.3%. According to the Statistical Service, building permits are an important indication for future activity in the construction sector.

Sources: Cyprus News Agency, In Business news

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