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

Cyprus home construction nose-dives

THE NUMBER of building permits issued in January 2014 stood at 396 compared with the 486 issued in January last year; a fall of 19%, according to figures released earlier this week by the Cyprus Statistical Service.

Compared with January 2013, the total area of these permits declined 40% to 65,564 square metres from 109,957, while their value fell 28% to €78,586 million from €108,615 million.

During January, building permits were issued for:

New home construction

The 256 residential building permits approved in January provided for the construction of 175 new homes comprising 101 single houses and 74 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

This is a dramatic fall of 60% compared with January 2013 when building permits were issued for the construction of 432 new homes.

Cyprus new home construction January 2014 vs 2013

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