- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Cyprus building permits up in May

IN A PRESS release issued earlier today, the Cyprus Statistical Service (CYSTAT) announced that the number of building permits authorized by the Municipal Authorities and the District Administration Offices during May 2010 was 761, comprising:

Focusing on the 577 permits issued for the construction of residential buildings, these were approved for 1,337 dwelling units – 514 single houses and 823 multiple housing units such as apartments. Compared to the May 2009 total of 1,191 dwelling units, this represents an increase of 12.3%.

Cyprus building permits - May 2010

Source: Cyprus Statistical Service

Between January and May 2010 building permits were issued for the construction of 7,252 residential properties. Compared to the same period last year, when permits were issued for the construction of 6,996 residential units; an increase of 3.7%.

According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.