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

Building permits down 10% in the first quarter

THE NUMBER of building permits authorised in March 2014 stood at 448 compared with the 428 authorised in March last year; an increase of 5%, according to figures released by the Cyprus Statistical Service.

However, compared with March 2013, the total area of these permits fell by 33% to 58,870 square metres from 87,251, while their value fell 36% to €61.2 million from €82.4 million.

During March, building permits were issued for:

Building permits for new home construction

The 304 residential building permits authorised in March provided for the construction of 193 dwelling units comprising 129 single houses and 64 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

This is a drop of 36% compared with March 2013 when building permits were issued for the construction of 303 new homes.

Cyprus building permits March 2014

Year to date

During the first quarter of 2014, a total of 1,253 building permits were authorised; a decrease of 10.3% compared to the 1,397 permits authorised during the same period last year. The total value of these permits has fallen by 37% and their total area by 44%.

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