ECONOMY

Construction permits drop, volume rises

Fewer constructio permits were issued in September year-on-year, but data released on Thursday by the Hellenic Statistical Authority (ELSTAT) also showed that volume was up, pointing to the fact that those properties will be larger than average.

The official number of construction licenses issued in September reached 1,102 for a total of 206,700 square meters in surface area and 858,100 cubic meters in volume. Compared with the same month in 2013 there was an 11.2 percent decline in the number of permits and a 2.6 percent drop in surface area, but also a 6.7 percent increase in volume.

On a 12-month basis, from October 2013 to September 2014, total construction activity amounted to 14,249 licenses, concerning 2,724,000 sq.m. and 11,650,200 c.m. This meant a 13.3 percent drop in the number of permits, an 11.8 percent reduction in surface area and a 5 percent decline in volume.