Building permits of residential properties in Cyprus increase
Building permits for the construction of 900 residential properties were authorized in August 2009 in Cyprus; down just 3.3% on the 931 authorized in August last year, according to official reports.
According to the Figures released yesterday by the Cyprus Statistical Service (CYSTAT), the number of building permits authorized by the Municipal Authorities and the District Administration Offices during August 2009 was 578 which provided for the construction of 900 dwelling units. The total value of these permits reached €153.8 million and their total area 176.6 thousand square meters.
5,897 building permits were issued during the period January – August 2009; an increase of 5.1% compared to the corresponding period in 2008. The total value of these permits increased by 7.2%, while their total area decreased by 6.0%, reflecting a shift away from the construction of low value/low quality dwelling units to the construction of higher value properties.
Property Index, which specializes in overseas real estate, stated that Cyprus is still a popular location for UK property investors, beating rivals such as Greece and Egypt.
They revealed that investors are increasingly focusing on cheap real estate bargains within the island’s low-priced market.
The firm says it believes that Cyprus has “plenty of potential” for new investors and that a range of forthcoming golf course developments will help boost the tourism industry during the global economic downturn.
Popularity: 25% [?]
