KSH: Home building permits rise 28% in 2014

Office Market

The number of permits issued for the construction of new homes rose by 27.8%, reaching 9,633, last year for a total area of 1.083 million sqm (up by 26.5%), fresh data from the Central Statistics Office (KSH) published today reveal.

KSH noted that although the number of new home completions rose by 14.6% to 8,358 last year, the figure was still very low, remaining well below pre-crisis levels.

The number of permits issued for non-residential buildings fell 5.6% from a year earlier to 5,033, representing an area of 2.441 million sqm, down by 9.1% as compared to the previous year. Industrial buildings accounted for 42% of the total area, while farm buildings made up 21% and commercial buildings accounted for just 7%.

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