Significant Increase In Building Permits For Residential Units

The number of building permits issued for residential units issued in the first five months of the year increased by 45%. According to the Statistical Service, in the period January - May 2019, 2,820 building permits were issued compared to 2,596 in the same period last year. The total value of these licenses increased by 128.2% and the total area by 53.8%. The number of residential units increased by 45.2%. Also, the number of building permits issued by municipal authorities and provincial administrations in May 2019 was 709. The total value of these permits amounted to € 287.9 ​​million and the total area of ​​258.5 thousand square meters. These permits provide for the construction of 907 residential units. Building permits are an important indicator of future activity in the construction sector.

Source: stockwatch.com.cy