Cyprus Property News logo
HomeProperty NewsBuilding permits fall for eleventh month in a row

Building permits fall for eleventh month in a row

ACCORDING to the Cyprus Statistical Service (CYSTAT), the number of building permits issued in August has fallen for the eleventh month in a row.

CYSTAT figures reveal that the number of building permits authorised during August 2008 stood at 504, compared with 558 in August 2007. These building permits provided for the construction of 931 dwelling units compared to 1,205 in August 2007.

The total value of these permits reached €151.3 million and the total area 188.5 thousand square metres.

During the period January – August 2008, 5,613 building permits were issued, compared with 6,433 during the corresponding period of 2007; a drop 12.7%.

Building permits constitute a leading indicator of future activity in the construction sector.

According to Lakis Tofarides, the Chairman of the Pancyprian Land Developers Association “The building permits are not comparative for the real condition in the sector. Things are very difficult, since according to figures, the property sales on the island fall 30% – 40%”.

Sign up to receive our free Cyprus property newsletter

We guarantee that we do not spam and will not divulge your email address to any third party.

Read our privacy policy for more information.

Cyprus property transfer fees

Property capital gains tax (CGT) calculator

EUR - Euro Member Countries

Top Stories

EC confirms response on golden passports

The European Commission has received a response from Cypriot authorities regarding the island's now- defunct 'golden passports' scheme, and will continue dialoguing with Nicosia,...

Inspecting resale properties – part 1

Given the long-standing issues with Title Deeds, more home buyers are restricting their search to resale properties that have been issued with their all-important...

Property values continuing to ebb and flow

WiRE FS has published its Q3 2021 edition of the WiRE Index for property and rental values. The WiRE Index covers all districts and...