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

Slowdown in construction sector continues

ACCORDING to figures released earlier today by the Cyprus Statistical Service, 740 building permits were authorised by the Municipal Authorities and the District Administration Offices in March 2011.

Compared with the 966 building permits authorised in March 2010, 740 reflects a fall of 23.4% over last year.

Building permits were issued for:

The total value of these permits reached €236.4 million and the total area 266.7 thousand square metres.

During the first quarter of 2011, 2,077 building permits were issued; a fall of 13.4% compared to the first quarter of last year. The total value of these permits fell by 23.6% and the total area fell by 27.6%.

Residential buildings

Focusing on the 541 permits issued for the construction of residential buildings, these were approved for 1,196 dwelling units – 453 single houses and 743 multiple housing units such as apartments and other residential complexes.

Compared to the February 2010 total of 1,758 dwelling units, this represents a fall of 32% and an overall year-to-date fall of 38.3%.

Building permits issued in Cyprus - March 2011

Source: Cyprus Statistical Service

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