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

Cyprus building permits down 14 per cent

THE NUMBER of building permits authorised in July 2014 stood at 449 compared with the 519 authorised in July last year; a fall of 14%, according to figures released by the Cyprus Statistical Service.

Compared to July 2013, the total area of these permits fell by 22% to 64,129 square metres from 81,682, while their value fell 9% to €82.5 million from €91.1 million.

During July, building permits were issued for:

Building permits for new home construction

The 302 residential building permits authorised in July provided for the construction of 196 dwelling units comprising 125 single houses and 71 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

This is a drop of 39% compared with July 2013 when building permits were issued for the construction of 321 new homes.

Cyprus building permits July 2014

Year to date

During the first seven months of 2014, a total of 3,009 building permits were authorised; a fall of 7% compared to the 3,220 permits authorised during the same period last year. The total value of these permits has fallen by 30%, while their total area has fallen 32%.

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