Cypriots are now building smaller houses

Кипрское жилье становится более компактным
11 August 2020 Angelica Michael
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The Statistical Service issued today the numbers of building permits issued during the month of May in Cyprus.

The announcement shows that the demand started to recover after the lifting of the restrictive measures against the coronavirus pandemic, but the Cypriots are also gradually reducing the area of the houses they decide to build.

A decrease in the number of building permits issued but also in their value and area was recorded in the first five months of the year, according to data released by the Statistical Service.

Specifically, according to the data of the Statistical Service in May 2020, a month in which the restrictive measures to stop the spread of the coronavirus in Cyprus gradually began to be lifted, the number of building permits issued by municipal authorities and provincial administrations rose to 708 compared to 709 in May 2019.


Кипрское жилье становится более компактным


The total value of these permits reached € 274.3 million (€ 287.9 million in May 2019) and the total area of 200 900 m2 (258 500 m2 in May 2019). These permits provide for the construction of 956 housing units (907 in May 2019).

During the period January - May 2020, 2 429 building permits were issued compared to 2 820 in the corresponding period of the previous year.

The total value of these permits decreased by 43.7% and the total area by 25.4%. The number of housing units decreased by 5.7%.

According to the Statistical Service, building permits are an important indicator of future activity in the construction sector.

Source: economytoday.sigmalive.com
Photos: pixabay.com
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