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

Construction sector in the doldrums

THE NUMBER of building permits authorised in August 2014 stood at 298 compared with the 351 authorised in August last year; a fall of 15%, according to figures released by the Cyprus Statistical Service.

Compared to August 2013, the total area of these permits fell by 13% to 47,060 square metres from 53,809, while their value fell 13% to €48.5 million from €55.9 million.

During August, building permits were issued for:

New home construction

The 206 residential building permits authorised in August provided for the construction of 227 dwelling units comprising 136 single houses and 91 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

This is a drop of 2% compared with August 2013 when building permits were issued for the construction of 232 new homes.

Cyprus construction sector in the doldrums

Year to date performance

During the first eight months of 2014, a total of 3,307 building permits were authorised; a fall of 7% compared to the 3,571 permits authorised during the same period last year. The total value of these permits has fallen by 30%, while their total area has fallen 29%.

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