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Slump in construction activity continues

The Cyprus construction industry’s slump continued in July with building permit numbers rising slightly compared to July last year, according to the latest figures from the Cyprus Statistical Service.

THE NUMBER of building permits issued in July 2012 stood at 613 compared with the 601 issued in July last year; an increase of 2.0%, according to the latest figures released by the Cyprus Statistical Service.

However, compared with July 2011, the total area of these building permits fell from 186,807 square metres to 142,702 square metres (-24%) and their value fell from €177.1 million to €147.9 million (-14%).

During July, building permits were issued for:

  • Residential buildings – 392 permits
  • Non-residential buildings – 85 permits
  • Civil engineering projects – 92 permits
  • Division of plots of land – 38 permits
  • Road construction – 6 permits

During the period January – July 2012, 4,284 building permits were issued; a decrease of 7.4% compared to the number issued in the same period last year, while the total value of these permits fell by 26.5% and their total area fell by 31.7%.

New home construction

The 392 residential building permits that were approved in July provided for the construction of 569 new homes comprising 217 single houses and 352 multiple housing units (such as apartments and other residential complexes).

This is a fall of 34% compared with July 2011 when building permits were issued for the construction of 859 new homes.

During the first seven months of 2012, the number of new homes for which permits have been issued has dropped 38.6% compared with the same period last year.

Cyprus new home construction

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

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