Residential market picking up

Construction of 72,253 apartment units was launched in H1 2014, 22.5 percent more than in the first six months of 2013, according to preliminary data published by statistics office GUS. The strong increase is at least partly the product of last year’s low base. In the January-June period of 2013, a drop of 26.9 percent was recorded, compared to H1 2012. Building permits for 76,480 apartments were issued over the first six months of the year, which marks a 12.8 percent increase compared to the same period of 2013. Last year’s results were however 22.9 percent lower than the year before. As many as 66,327 apartments were delivered to the market between January and June 2014, 2.4 percent fewer than in the corresponding period of 2013 and 2.2 percent fewer than in 2012.