21 Oct 2018
Indication of growth of the real estate industry is the increase in the number of sale agreements submitted to the Cadastre Department. At the same time, in the first seven months of 2018, the licensing of new construction projects by the relevant departments is showing a significant increase, with a value of € 1 billion. According to the Statistical Service, the area of the licensed projects all over Cyprus is increased by 25.5% in the period January - July 2018, reaching 970.6 thousand square meters from 773.3 thousand in the corresponding period of 2017. As mentioned, building permits are considered to be a good indication of future construction activity.