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Building licenses up 15% in 10m03

09/01/2004 13:47
According to the latest data released on Friday, the volume of building licenses issued by the local authorities has showed a significant increase for January-October.

According to CYSTAT data, the volume of building license for January-October increased by 14.8% to 7.3 million cubic meters (2002: 6.4mln cubic meters), despite the drop of 12.4% in October, which is partly attributable to last year’s high level due to the issue of building licenses for big hotel units in October 2002 and partly due to the decline of 2.7% in the housing sector.

Housing sector soars

For January-October, the housing sector showed an increase of 28%, offsetting the shrinkage of the commercial sector by 30%. The volume of licenses for housing purposes constituted 74% of the total volume.

It is estimated that from the licenses issued for housing purposes, 9,249 houses will be built (2002: 6,222).

According to the data released by the architects, the total value of the licenses issued for all sectors amounts to £860 million (+17.6% against the corresponding period of 2002).