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

Serious decline in construction sector continues

THE NUMBER of building permits issued in September stood at 422 compared with the 604 issued in September 2012; a fall of 30%, according to figures released earlier this week by the Cyprus Statistical Service.

Compared with September 2012, the total area of these permits fell 46% to 63,022 square metres from 116,257, while their value fell 48% to €70,430 million from €135,145 million.

During September, building permits were issued for:

During the first eight months of 2013 a total of 3,993 building permits were authorised; a drop of 26% compared with the 5,365 permits issued during the same period last year. Their total value has fallen by 27% and their total area by 31%.

New home construction

The 291 residential building permits approved in September provided for the construction of 308 new homes comprising 132 single houses and 176 multiple housing units (such as apartments and other residential complexes).

This is a fall of 37% compared with September 2012 when building permits were issued for the construction of 491 new homes.

During the first nine months of 2013, the number of new homes for which permits were authorised has fallen by 29% 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.