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

Construction sector remains quiet

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:

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.

Cyprus new home construction October 2012

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