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

Dramatic drop in building permits

THE NUMBER of building permits issued in December stood at 394 compared with the 471 issued in December 2012; a fall of 16%, according to the latest figures released by the Cyprus Statistical Service.

Compared with December 2012, the total area of these permits fell 26% to 67,192 square metres from 90,437, while their value fell 44% to €69,414 million from €124,874 million.

During December, the following building permits were issued:

During the whole of 2013 a total of 5,341 building permits were authorised; a drop of 26% compared with 2012. Their total value fell by 30% and their total area by 30%.

Building permits for new home construction

The 262 residential building permits approved in December provided for the construction of 267 new homes comprising 151 single houses and 116 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

This is a fall of 34% compared with December 2012 when building permits were issued for the construction of 404 new homes.

During the whole of 2013, the number of new homes for which permits were authorised has fallen by 30% compared with the same period last year.

Cyprus building permits December 2013

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