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Cyprus property market update

Total Value of Building Permits Reach €162.8M

The Statistical Service has announced that the number of building permits authorized by the municipal authorities and the district administration offices during March 2018 stood at 531. The total value of these permits reached €162.8 million and the total area 146.1 thousand square metres. These building permits provide for the construction of 467 dwelling units.

During the period January – March 2018, 1.515 building permits were issued compared to 1.451 in the corresponding period of the previous year. The total value of these permits increased by 29.9% and the total area by 27.1%. Τhe number of dwelling units recorded an increase of 16.8%.

Building permits constitute a leading indicator of future activity in the construction sector.