Insider Business Building permits up overall, Paphos sees drop

Building permits up overall, Paphos sees drop

The number of building permits issued in the first five months of 2018 rose by 9.6%  while their value rocketed by 27.4% to €655 m, pushed up by large projects.

According to figures released by the Statistical Service on Wednesday, 2,596 permits were issued in January to May compared to  2,368 in the corresponding period last year. The total value was up 27.4%, to €655 m and the area up by 25.6%. The number of housing units rose 23.5%.

The number of permits for small projects stood at 2413, up 7.8%, with a value of  €337.3m. The total area was 327,000 square metres, up 17%.

Permits for large projects rose from 129 last year to 183 – — an increase of 42%. Their value rose 47% to €317m , while their area was up 37% to 327,000 square metres.

In May, a total of 612 building permits were issued, with a total value of  €138.1 m and an area of 142,000 square metres. They represent 541 housing units

Larnaca recorded the biggest increase with  455 building permits in the five month period, up 32%, followed by Famagusta with a 14.4% increase (127 compared to 111), Limassol with 10% (756 compared to 688) and Nicosia with 9% (949 compared to 874).

Paphos bucked the tend, with the number of building permits down to 309.

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