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Building permits down 24% in April

The number of building permits issued in fell 24 per cent compared with the corresponding month of last year and their numbers have declined 14 per cent during the first four months of 2014.

THE NUMBER of building permits authorised in April 2014 stood at 384 compared with the 508 authorised in April last year; a fall of 24.4%, according to figures released by the Cyprus Statistical Service.

Compared to April 2013, the total area of these permits fell by 33% to 57,330 square metres from 85,812, while their value fell 36% to €56.6 million from €87.9 million.

During April, building permits were issued for:

  • Residential buildings – 260 permits
  • Non-residential buildings – 80 permits
  • Civil engineering projects – 15 permits
  • Division of plots of land – 22 permits
  • Road construction – 7 permits

Building permits for new home construction

The 260 residential building permits authorised in April provided for the construction of 254 dwelling units comprising 135 single houses and 119 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

This is a drop of 15% compared with April 2013 when building permits were issued for the construction of 297 new homes.

Cyprus building permits April 2014

Year to date

During the first four months of 2014, a total of 1,637 building permits were authorised; a fall of 14.1% compared to the 1,905 permits authorised during the same period last year. The total value of these permits has fallen by 37%, while their total area has fallen by 46%.

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

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