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

Building permit numbers improve in October

THE Cyprus Statistical Service (CYSTAT) has announced that the number of building permits authorized by the Municipal Authorities and the District Administration Offices during October 2010 was 676, comprising:

Focusing on the 497 permits issued for the construction of residential buildings, these were approved for 1,257 dwelling units – 376 single houses and 881 multiple housing units such as apartments and other residential complexes.

Compared to the October 2009 total of 1,020 dwelling units, this represents an increase of 23.2%.

Between January and October 2010 building permits were issued for the construction of 12,430 residential properties. Compared to the same period last year, when permits were issued for the construction of 13,779 residential units; a fall of 9.8%.

Building permits for residential properties in Cyprus - October 2010

Source: Cyprus Statistical Service

Looking at the broader picture, during the first 10 months 2010 of a total of 7,311 building permits were issued. This represents a fall of 1.0% compared to the first 10 months of last year. The total value of these permits fell by 6.6% and their total area fell by 4.8%.

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