Construction activity remains strong despite the pandemic.
Measures to boost construction and the belief of a large portion of builders that buyers will return once the pandemic is over, has led to gains, in the number of permits, surface area and volume of construction.
Specifically, in May, surface area under construction grew 4.4% compared with May 2019, while volume was up 5.3%. In the first five months of the year, the number of permits was up 15.6% compared to January-May 2019, surface construction added 24.6% and volume also rose 24.6%.
Suspending value-added tax (VAT) of 24% on all building permits that will be issued until the end of 2022 is said to have played a crucial role in the strong construction market.