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Building permits for residential properties down

According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 1,252 residential properties were authorised in April 2009; down by almost a quarter on the 1,658 authorised in April last year.

THE Statistical Service announces that the number of building permits authorized by the municipal authorities and the district administration offices during April 2009 stood at 687.

The total value of these permits reached €197.5 million and the total area 234.4 thousand square metres. These building permits provide for the construction of 1,252 dwelling units.

During the period January – April 2009, 2,867 building permits were issued, registering an increase of 2.8% compared to the corresponding period of last year. The total value of these permits decreased by 0.3% and the total area decreased by 8.6%. ?he number of dwelling units recorded a decrease of 4.3%.

However, a closer inspection of the figures reveals that the number of residential properties for which building permits have been issued fell back by 24.5% compared to April last year. This followed a 13.3% reduction in March.

Number of residential properties for which permits have been issued

Number of residential properties for which permits have been issued

It is difficult to draw any conclusions from the CYSTAT figures as developers in Cyprus often start construction work before the authorities have issued the building permits. However, with a number of part-completed developments in the tourist areas having been mothballed, it is reasonable to assume that the number of residential properties being built is reducing.

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