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

Building permits up but residential construction slows

ACCORDING to figures released today by the Cyprus Statistical Service, 638 building permits were authorised in January 2011, an increase of 3.1% over the 619 authorised in January 2010, comprising:

This is the first time in ten months that the number of building permits that have been authorised has increased.

However, the total value of these permits fell 20.3% from €198.1 million to €157.8 million and their total area fell 26.9% from 228.8 thousand square metres to 167.3 thousand square metres compared with the permits authorised in January 2010.

Focusing on the 469 permits issued for the construction of residential buildings, these were approved for 787 dwelling units – 370 single houses and 417 multiple housing units such as apartments and other residential complexes.

Compared to the January 2010 total of 1,290 dwelling units, this represents a fall of 39%.

Source: Cyprus Statistical Service

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