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Slowdown in construction continued in July

Latest figures from the Cyprus Statistical Service show that the number of building permits issued for the construction of residential properties continued to slowdown in July.

THE Cyprus Statistical Service (CYSTAT) has announced that the number of building permits authorized by the Municipal Authorities and the District Administration Offices during July 2010 was 763, comprising:

  • Residential buildings – 546 permits
  • Non-residential buildings – 115 permits
  • Civil engineering projects – 33 permits
  • Road construction – 7 permits
  • Division of plots of land – 62 permits

Focusing on the 546 permits issued for the construction of residential buildings, these were approved for 1,028 dwelling units – 454 single houses and 574 multiple housing units such as apartments and other residential complexes. Compared to the July 2009 total of 1,161 dwelling units, this represents a fall of 11.5%.

Cyprus building permits July 2010

Source: Cyprus Statistical Service

Between January and July 2010 building permits were issued for the construction of 6,492 residential properties. Compared to the same period last year, when permits were issued for the construction of 7,110 residential units; a fall of 8.7%.

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

Readers' comments

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  • @Anna

    I suggest you read Denton Mackrell’s comments on the Antonis Loizou article ‘What a mess: Property valuations

  • Anna says:

    Well, I would like to put another point of view. Are we (Brits) worrying too much about getting our title deeds quickly? Do the native Cypriots worry as much as we do? If they don’t, perhaps the lengthy delays in obtaining title deeds is simply the nature of the Cypriot beast. Do the Cypriots manage to sell their properties without title deeds? What happens to their properties without title deeds? Do they care?

    How many properties have actually been taken away from people by banks because they have no title deeds and a developer has toxic debts?

    I can’t really understand the problem, having recently got the keys to my new apartment. I may want to sell one day, but I would like to know if Cypriots themselves would be advised by their lawyer not to buy may apartment if I don’t have title deeds.

    Obviously the law is different in Cyprus and perhaps getting title deeds is just one thing which is a bit lax but nobody local really worries about.

    Could somebody explain to me just why I might have something to worry about one day in the future? And if there are a lot of us losing our properties (including native Cypriots) due to no title deeds, surely this will be something which will really make people sit up?

  • paul ruse says:

    Dee and Sheik are both right in my view. But before they do find new ways to rob us ( it’s probably in the pipeline already ) write to your Euro MP , put pressure on Cyprus to re think. It cant all be left to Conor O’dwyer.

    In my research and talking to my Euro and UK MPs , banks and other money lending organisations the only people who do not they are corrupt are the Cprus government , developers , lawyers, estate agents.In short they wont lend on property in Cyprus because of the corupt property market.We need to use this to fight our corner.

    So don’t complain here , complain to your Euro MP , your local press might take up your story. Worth a try.

  • Sheik Yr Mami says:

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

    This can also be catching up with gaps from the past, to rectify files that are awaiting Title Deeds. I’m guessing many buildings have been started without permits in the past….

  • Dee says:

    Serves them right. The downside however, is that they will increase our taxes to make up the deficit!

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