IN A PRESS release issued earlier today, the Statistical Service (CYSTAT) announced that the number of building permits authorized by the Municipal Authorities and the District Administration Offices during March 2010 was 966, comprising:
- Residential buildings – 733 permits
- Non-residential buildings – 116 permits
- Civil engineering projects – 42 permits
- Road construction – 10 permits
- Division of plots of land – 65 permits
Focusing on the permits issued for the construction of residential buildings, these were approved for the construction of 1,758 dwelling units – 558 single houses and 1,200 multiple housing units such as apartments. Compared to the March 2009 total of 1,318 dwelling units, this represents an increase of 27.3%.
Between January and March 2010 building permits were issued for the construction of 4,739 residential properties. Compared to the same period last year, when permits were issued for the construction of 4,553 residential units; an increase of 4.1%
According to the Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.
As we have stated previously, it is difficult to draw any conclusions from these CYSTAT figures as property developers often start construction work before the authorities have issued the building permits – even though this is illegal.