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Building permits for Cyprus residential property falls

Figures released today by the Cyprus Statistical Service (CYSTAT) show that building permits for the construction of 1,161 residential properties were authorised in July 2009; down by nearly 40% on the 1,925 authorised in July last year.

The Cyprus Statistical Service (CYSTAT) announces that the number of building permits authorized by the Municipal Authorities and the District Administration Offices during July 2009 stood at 804.

The total value of these permits reached €258.9 million and their total area 295.8 thousand square metres. These building permits provide for the construction of 1,161 dwelling units.

During the period January –July 2009, 5,319 building permits were issued, registering an increase of 4.1% compared to the corresponding period of the previous year. The total value of these permits increased by 7.8% and the total area decreased by 5.9%.

However, the number of residential properties for which building permits have been issued fell back by 39.7% compared to July last year, following an increase of 28.1% in June.

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 9.5%.

Looking at CYSTAT’s figures in more detail, the number of single houses for which building permits have been issued to the end of July this year has actually risen by five. The overall reduction results from fewer permits being issued for the construction of residential apartments and buildings with two residential units.

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