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Construction activity in recession

ACCORDING to the latest figures provided by Cyprus Statistical Service, CYSTAT, construction activity is going through a recession. The number of building permits issued during the first quarter of 2008 stood at 2,125 compared to 2,537 during the same period last year. Compared to the first quarter of 2007: the number of building permits issued […]

ACCORDING to the latest figures provided by Cyprus Statistical Service, CYSTAT, construction activity is going through a recession.

The number of building permits issued during the first quarter of 2008 stood at 2,125 compared to 2,537 during the same period last year.

Compared to the first quarter of 2007:

  • the number of building permits issued has fallen by 16.2%;
  • the total area of construction projects has dropped by 11.3%;
  • their value of construction projects has decreased by 8.9%;
  • the number of dwelling units for which permits have been issued has dropped from 5,544 to 4,405.

Bucking the trend are Paphos and Larnaca, where the number of building permits issued increased over last year by 11.3% and 12.2% respectively.

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