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Residential property construction continues to slow

Following last month’s disappointing sales figures published on Tuesday, the latest figures from the Statistical Service released earlier today offer no encouraging signs of an upturn in the Island’s property and construction sectors.

ACCORDING to figures released today by the Cyprus Statistical Service, 669 building permits were authorised in February 2011, a fall of 3.1% over the 813 authorised in February 2010, comprising:

  • Residential buildings – 490 permits
  • Non-residential buildings – 108 permits
  • Civil engineering projects – 36 permits
  • Division of plots of land – 59 permits
  • Road construction – 6 permits

The total value of these permits reached €193.9 million and the total area 204.7 thousand square metres.

During the first two months of this year, 1,337 building permits were issued; a fall of 6.6% compared with the first two months of last year. The total value of these permits fell by 27% and their total area fell by 34.1%.

Focusing on the 490 permits issued for the construction of residential buildings, these were approved for 941 dwelling units – 364 single houses and 577 multiple housing units such as apartments and other residential complexes.

Compared to the February 2010 total of 1,691 dwelling units, this represents a fall of 44% and an overall year-to-date fall of 42%.

Building permits issued in Cyprus - February 2011

Source: Cyprus Statistical Service

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

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