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Cyprus building permits for residential units fall in September

Figures released earlier today by the Cyprus Statistical Service (CYSTAT) show that building permits for the construction of 1,557 residential properties were authorised in September 2009; down 8.0% on the 1,692 authorised in September last year.

IN A PRESS release issued today, the Cyprus Statistical Service (CYSTAT) announced that the number of building permits authorized by the Municipal Authorities and the District Administration Offices during September 2009 was 775, comprising.

  • Residential buildings – 560 permits
  • Non-residential buildings – 127 permits
  • Civil engineering projects – 26 permits
  • Road construction – 7 permits
  • Division of plots of land – 7 permits

Focusing on the permits issued for the construction of residential buildings, these provide for the construction of 1,557 dwelling units – 637 single houses and 940 multiple housing units such as apartments. Compared to the September 2008 total of 1,692 dwelling units, this represents a fall of 8.0%.

Building Permits for the Construction of Residential Properties
Month20082009Increase/

Decrease

%age

Change

January1,2291,58535629.0%
February1,5831,58740.3%
March1,5931,381-212 -13.3%
April1,6581,252-406 -24.5%
May1,7151,191-524 -30.6%
June1,6592,12546628.1%
July1,9251,161-764 -39.7%
August931900-31 -3.3%
September1,6921,557-135 -8.0%
Total13,98512,739-1,246 -8.9%

Source: Cyprus Statistical Service

As we have stated previously, it is difficult to draw any conclusions from the CYSTAT figures as developers in Cyprus often start construction work before the authorities have issued the building permits – even though this is illegal.

However, considering that there are thousands of unsold properties littering the landscape and that many part-completed developments have been mothballed, it is reasonable to assume that the number of residential properties being built is reducing.

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