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

Cyprus construction sector decline continues

THE NUMBER of building permits issued in April 2012 stood at 500 compared with the 560 issued in April last year; a decrease of 10.7%, according to the latest figures released by the Cyprus Statistical Service.

Compared with April 2011 the total area of these building permits fell from 174,749 square metres to 106,275 square metres, a drop of 39.2% and their value fell from €157 million to €106 million, a drop of 32.5%.

During April, building permits were issued for:

During the first four months of 2012 a total of 2,496 building permits were issued, a decrease of 5.3% compared with the first four months of 2011. The total value of these permits fell 30.8% and their total area fell by 35.6%.

New home construction

In April, 347 permits were approved provided for the construction of 373 new homes comprising 251 single houses and 122 multiple housing units (such as apartments and other residential complexes).

This is a fall of 39.0% compared with April 2011 when building permits were issued for the construction of 1,196 new homes.

Cyprus new home construction April 2012

Source: Cyprus Statistical Service

During the first four months of 2012, the number of new homes for which permits have been issued has dropped 44.1% compared with the same period last year.

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