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

Building permits drop in December

THE number of building permits authorised by the Cypriot Municipal Authorities and the District Administration Offices fell for the ninth consecutive month in December, falling by 7.3% over the year earlier to 733, comprising:

Focusing on the 535 permits issued for the construction of residential buildings, these were approved for 916 dwelling units – 494 single houses and 422 multiple housing units such as apartments and other residential complexes.

Compared to the November 2009 total of 1,624 dwelling units, this represents a fall of 43.6%.

Cyprus building permits - December 2010

Source: Cyprus Statistical Service

Looking at the broader picture, during the whole of last year 8,777 building permits were authorised compared with the 8,950 authorised in 2009; a fall of 1.9%. The total value of these permits fell by 6.3% and the total area fell by 7.0%.

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

Strikes threatened

ADDING to the woes of the construction sector, strikes have been threatened by the builders’ trade unions PEO and SEK.

According to reports, the threatened strike action results from mass dismissals in the sector and the appointment of workers on poorer conditions and terms of employment.