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Residential property construction slows

According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 1,191 residential properties were authorised in May 2009; down by more than 30% on the 1,715 authorised in May last year.

THE STATISTICAL Service announces that the number of building permits authorized by the Municipal Authorities and the District Administration Offices during May 2009 stood at 830.

The total value of these permits reached €225.5 million and the total area 254.8 thousand square metres. These building permits provide for the construction of 1,191 dwelling units.

During the period January – May 2009, 3,697 building permits were issued; an increase of  5.0% compared to the corresponding period last year. The total value of these permits decreased by 1.1% and their total area decreased by 9.5%.

The number of residential properties for which building permits have been issued fell back by 30.6% compared to May last year, following a 24.5% reduction in April.

Number of residential properties for which permits have been issued

Number of residential properties for which permits have been issued

Compared to last year, the total number of residential properties for which building permits have been issued has fallen by 10.1%.

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