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Cyprus building permits Jan 2009

According to the latest figures on building permits, published by the Cyprus Statistical Service, investment activity in the construction sector is showing signs of recovery.

ACCORDING to the latest figures published by the Cyprus Statistical Service (CYSTAT) on the building permits authorised in January 2009, investment activity in the construction sector is showing signs of recovery.

The total area of projects that secured building permits in the first month of the year increased by 11.6% to 278.9 thousand sq. meters compared to 249.8 thousand sq. meters in the corresponding month of 2008, when they had decreased by 5.3% compared to 2007.

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The area of the projects in Famagusta soared 41.6% to 29.3 thousand square meters from 20.7 thousand square meters.

In Paphos, the area surged 30.8% to 53.7 thousand sq. meters from 41 thousand sq. meters in January 2008, while in Limassol it recorded an increase of 6%, in Larnaca of 2.9% and in Nicosia of 3.8%.

The number of building permits authorized by the municipal authorities and the District Administration offices during January 2009 stood at 694 compared to 687 in January 2008. The total value of these permits reached €234.1 million and the total area 278.9 thousand square metres, compared to €193.2 million and 249.8 thousand square metres in the corresponding month of the previous year. These building permits provide for the construction of 1,585 dwelling units compared to 1,229 in January 2008.

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