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Cyprus construction sector shows signs of recovery

According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 2,125 residential properties were authorised in June 2009; up 28% on the 1,659 authorised in June last year.

THE STATISTICAL Service has announced that the number of building permits authorized by the Municipal Authorities and the District Administration Offices during June 2009 was 818.

The total value of these permits, which were for the construction of both residential and non-residential properties, reached €383.4 million and their total area 359.7 thousand square metres.

Building permits for the construction of residential properties increased by 28.1% compared to June last year, following a 30.6% reduction in May.

During the period January – June 2009, 4,515 building permits were issued; an increase of 5.0% compared to the corresponding period last year. Although the total value of these permits increased by 9.2%, their total area decreased by 5.1%.

The overall reduction in the total area of building permits issued and the rise in their value may result from property developers focusing their efforts on the luxury property market, which has suffered less from the global economic downturn.


Number of residential properties for which building permits have been issued

Compared to last year, the total number of residential properties for which building permits have been issued has fallen by 3.3% as shown in the table above.

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