THE NUMBER of building permits issued in October 2012 stood at 782 compared with the 594 issued in October last year; an increase of 31.6%, according to the latest figures released by the Cyprus Statistical Service.
Compared with October 2011, the total area of these permits fell to 126,546 square metres from 180,757 square metres (-30%) but their value increased marginally to €172.6 million from €170.5 million (+1.2%).
During October, building permits were issued for:
- Residential buildings – 390 permits
- Non-residential buildings – 84 permits
- Civil engineering projects – 264 permits
- Division of plots of land – 40 permits
- Road construction – 4 permits
During the period January – October 2012, 6,147 building permits were issued; a decrease of 3.1% compared to the number issued in the same period last year. Their total value fell 21.5% and their total area fell by 32.9%.
New home construction
The 390 residential building permits approved in October provided for the construction of 469 new homes comprising 235 single houses and 234 multiple housing units (such as apartments and other residential complexes).
This is a fall of 24% compared with October 2011 when building permits were issued for the construction of 617 new homes.
During the first nine months of 2012, the number of new homes for which permits have been issued has dropped 37.2% 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.
@Nigel – Indeed the provenance of the figures is clear but I still question whether the applied method is a true reflection of current market values and whether the source of the value data is unimpeachable?
We are all aware that there are lies, damn lies and statistics. Surely that is never more true than when applied to the Cyprus Statistical Service.
@Frank – As it states in the article, the figures are provided by the Cyprus Statistical Service. You can check these yourself on their website.
How is the value calculated to substantiate the statement that “… their value increased marginally to €172.6 million from €170.5 million (+1.2%)”? Is the applied method a true reflection of current market values? Is the source of the value data unimpeachable?