Building permits slow in August

Office buildings collapse

 

Growth in the number of building permits authorised slowed to 11.9% year on year in January-August, from 13.6% in January-July, reaching a total value of CYP 939.7 mln.

Civil engineering projects continue to rise the fastest, increasing by 38.2% year on year in number and by 58.5% in value, to CYP 4.9 mln in Jan-August.

The number of residential buildings authorised rose by 8.9% in number and by 7.4% in value to CYP 797.5 mln.

At the same time, the value of permits for non-residential buildings rose by 17.7% to CYP 110.8 mln, mainly owing to strong growth in the category of tourist apartments and villages.

However, within the overall category of non-residential buildings, the number and value of office buildings has dropped sharply, by 23.1% in number and by 59.2% in value to CYP 12.2 mln.

F.M.