THE NUMBER of building permits issued in January 2013 stood at 486 compared with the 555 issued in January 2012; a fall of 16.9%, according to the latest figures released by the Cyprus Statistical Service.
Compared with January 2012, the total area of these permits fell to 109,957 square metres from 127,078 square metres (-13.5%), while their value fell to €108.6 million from €125.4 million (-13.4%).
During January, building permits were issued for:
- Residential buildings – 337 permits
- Non-residential buildings –72 permits
- Civil engineering projects – 29 permits
- Division of plots of land – 47 permits
- Road construction – 1 permits
New home construction
The 337 residential building permits approved in January provided for the construction of 432 new homes comprising 238 single houses and 194 multiple housing units (such as apartments and other residential complexes).
This is a fall of 7.7% compared with January 2012 when building permits were issued for the construction of 468 new homes.
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.