CYPRUS: Value of building permits rises 115% in H1 to EUR 1.7 bln

The value of Cyprus building permits issued in the first half of 2019 reached €1.7 bln, more than double the amount for the same period last year.

During the six-month period January-June 2019, 3,393 building permits were issued compared to 3,110 in the same period of 2018.

These permits provide for the construction of 4,200 housing units, way above last year’s 2,839.

Total value of these permits increased 115.9% to €1.70 bln compared to €788.7 mln in the first half of 2018.

The total area covered was also up by 52.1%, while the number of household units to be constructed recorded an increase of 47.9%.

Nicosia (1,174) saw the most permits issued over the six months but Limassol dominated in the value of permits (€945 mln), largest area covered (477,576 sqm) and the number of property units (1,479).

According to the official data the number of building permits authorised by local authorities in June alone stood at 573.

The total value of these permits were €208.7 mln covering an area of 189,087 square metres. These building permits provide for the construction of 812 homes.

Building permits constitute a leading indicator of future activity in the construction sector with 2018 the best year in construction since 2011.