- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Property construction continues slowdown

ACCORDING to figures just released by the Cyprus Statistical Service, CYSTAT, output in the property construction sector continues to slowdown. The number of building permits issued during the first four months of 2008 fell to 2,788 – a reduction of 15.2% over the same period last year when 3,286 were issued.

Although the number of building permits has reduced, the area of licensed projects covered by those building permits in Larnaca and Paphos increased by 12.6% and 13.6% respectively, compared to those in Famagusta and Nicosia which decreased by 26.7% and 21%.

Overall, the 2,788 building permits issued in the first four months of 2008 account for the construction of 6,603 dwelling/housing units compared to 7,275 during the first four months of 2007 – an overall reduction of 16.7% on last years figures.

Building permits are a leading indicator of future activity in the construction sector.