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

Forty percent fall in residential buildings

ACCORDING to figures released by CySTAT, the number of building permits issued in January fell to 555 compared with the 638 issued in January 2011; a fall of 13%.

In January, building permits were issued for:

The total value of these permits reached €125.4 million and their total area 127.1 thousand square metres.

Residential buildings

In January, the 398 permits were approved for the construction of 468 residential properties comprising 304 single houses and 164 multiple housing units (such as apartments and other residential complexes).

This is a fall of 40.5% compared with January 2011 when building permits were issued for the construction of 916 dwellings and the slowdown is likely to continue until the number of unsold apartments and houses is reduced.

Cyprus building permits - January 2012

Source: Cyprus Statistical Service

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

VAT exemption announced

In an effort to stimulate the Island’s construction industry the VAT Service announced today that there will be a VAT exemption for goods and services provided for the construction or maintenance of buildings from the 9th March. The exemption will only apply to VAT registered companies.