The number of residential units which obtained a building permit in January rose an annual 36% in the first eight months of the year to 3,051, Cystat said in a statement on its website on Wednesday.

The housing units that obtained a building permit in the first eight months of the year are bigger than those which got their permit a year before a total of 9.7 square meters and have an average area of 223.9 square meters, Cystat said. Their average value is €229,155 which is 11% higher compared to last year.

With respect to commercial buildings, building permits rose 6.2% to 140,070 square meters in terms of area in the first eight months of the year and 7.8% in terms of value to €146.2m compared to January to August last of year, Cystat said.

Total building permits rose an annual39% in terms of area to 858,283 square meters in terms of project area and 49% in terms of value to €948m, Cystat said.

Building permits are considered a significant economic leading indicator.

Source: Cyprus Mail