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Building permits slump 39 per cent

The decline in the island’s construction sector continued in October according to the latest figures released by the Cyprus Statistical Service with the number of building permits authorised during the month falling 39 percent.

THE NUMBER of building permits issued in October stood at 475 compared with the 782 issued in October 2012; a fall of 39%, according to figures released earlier this week by the Cyprus Statistical Service.

Compared with October 2012, the total area of these permits fell 11% to 113,123 square metres from 126,546, while their value fell 34% to €113,257 million from €172,588 million.

During October, building permits were issued for:

  • Residential buildings – 337 permits
  • Non-residential buildings – 70 permits
  • Civil engineering projects – 27 permits
  • Division of plots of land – 32 permits
  • Road construction – 9 permits

During the first ten months of 2013 a total of 4,468 building permits were authorised; a drop of 27% compared with the 6,146 permits issued during the same period last year. Their total value has fallen by 29% and their total area by 28%.

New home construction

The 337 residential building permits approved in October provided for the construction of 354 new homes comprising 135 single houses and 219 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

This is a fall of 24% compared with October 2012 when building permits were issued for the construction of 469 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.

building permits October 2013

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

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