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

Residential property construction plunges 41 percent

NOVEMBER saw another sharp fall in the Island’s construction sector according to the latest figures from the Cyprus Statistical Service.

CySTAT’s figures show that a total of 601 building permits were authorised by the Municipal Authorities and District Administration Offices in November 2011. Compared with the 733 permits authorised in October 2010; a fall of 18%.

In November, building permits were issued for:

The total value of these permits reached €145.1 million and their total area 153.8 thousand square metres.

During the period January to November 2011, 6,946 building permits were issued; a decrease of 13.6% compared to the corresponding period of last year. The total value of these permits fell by 23.4% and their total area by 24.5%.

Residential buildings

In November, 415 permits were approved for the construction of 572 dwellings comprising 299 single houses and 273 multiple housing units (such as apartments and other residential complexes).

This is a fall of 40.8% compared with November 2010 when building permits were issued for the construction of 966 dwellings.

Source: Cyprus Statistical Service

During the first eleven months of 2011, building permits were issued for the construction of 8,226 dwellings compared with 13,396 during the same period in 2010; a drop of 5,130 (-38.3%)

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