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

Building permits fall in January

Cyprus Building Permits: January 2016THE NUMBER of building permits issued in January 2016 stood at 356 compared with the 404 issued in January last year; a fall of 12 per cent, according to official figures released by the Cyprus Statistical Service.

Compared with January 2015, the total area of these permits fell by 14% to 69.3 thousand square metres from 80.4 thousand square metres, while their value fell 3% to €73.0 million from €75.5 million.

During January, building permits were issued for:

Building permits for new homes

The 270 residential building permits approved in January provided for the construction of 243 new homes comprising 154 single houses and 89 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

This is an increase of 19% compared with January 2015 when building permits were issued for the construction of 204 new homes.

Building Permits Issued for the Construction of
New Homes (Number of Dwellings)

Month2015
(Dwellings)
2016
(Dwellings)
Increase/
Decrease
%age
Change
January2042433919.1%
Total204 24339 19.1%

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