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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%”.

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