Slowdown in Cyprus construction activity continues

IN A PRESS release issued earlier today, the Cyprus Statistical Service (CYSTAT) announced that the number of building permits authorized by the Municipal Authorities and the District Administration Offices during December 2009 was 791, comprising:

  • Residential buildings – 551 permits
  • Non-residential buildings – 150 permits
  • Civil engineering projects – 38 permits
  • Road construction – 7 permits
  • Division of plots of land – 45 permits

Focusing on the permits issued for residential buildings, these provide for the construction of 1,624 dwelling units – 506 single houses and 1,118 multiple housing units such as apartments. Compared to the December 2008 total of 1,757 dwelling units, this represents a fall of 28.1%.

During the whole of 2009, building permits were issued for the construction of 15,044 dwelling units compared to the 18,325 issued during 2008; a reduction of 3,744 or 17.9%.

Building Permits issued in Cyprus during 2009
Source: Cyprus Statistical Service

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

1 COMMENT

  1. Developers in Cyprus, together with their official agents have duped thousands of people in UK and elsewhere, into parting with their hard earned money to purchase properties in the Tersefanou area. False promises of a completed PGA style golf course to be built by 2008/09 written in official documents, were passed on to prospective purchasers.

    As one of these purchasers now retired with no hope of selling our property, we are now left fighting for our rights because of gross misrepresentation from the outset.

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