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

New home construction down 40 per cent

THE NUMBER of building permits issued in March 2013 stood at 428 compared with the 808 issued in March 2012; a fall of 47%, according to figures released by the Cyprus Statistical Service earlier today.

Compared with March 2012, the total area of these permits fell to 87,251 square metres from 148,715 (-41%), while their value decreased to €82.428 million from €148.275 million (-44%).

During February, building permits were issued for:

During the first quarter of 2013 a total of 1,397 building permits have been authorised; a decrease of 30% compared with the 1,996 issued during the first quarter of 2012. Their total value has decreased by 5% and their total area has decreased by 13%.

New home construction

The 306 residential building permits approved in March provided for the construction of 306 new homes comprising 234 single houses and 72 multiple housing units (such as apartments and other residential complexes).

This is a fall of 40% compared with March 2012 when building permits were issued for the construction of 506 new homes.

During the first quarter of 2013, the number of new homes for which permits were authorised has fallen by 7% compared with the same period in 2012.

Cyprus new home construction March 2013

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