Cyprus: Building permits up 19%, on increased demand for luxury homes

By in

The building permits issued by municipal authorities rose an annual 19% in 2016. In terms of the ratio of construction area to square metres, which has risen by 7% in terms of value to below €1.1bn as demand for more spacious and luxurious homes has grown. The value of housing projects in the property sector has also risen by 28% to €855 million. Building permits are a leading indicator to assess a countries economic development.