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Construction slowdown continues in September

Figures released today by the Statistical Service show that the number of building permits issued for the construction of residential properties in Cyprus continued to fall in September.

THE Cyprus Statistical Service (CYSTAT) has announced that the number of building permits authorized by the Municipal Authorities and the District Administration Offices during September 2010 was 717, comprising:

  • Residential buildings – 499 permits
  • Non-residential buildings – 98 permits
  • Civil engineering projects – 43 permits
  • Road construction – 11 permits
  • Division of plots of land – 66 permits

Focusing on the 499 permits issued for the construction of residential buildings, these were approved for 903 dwelling units – 368 single houses and 535 multiple housing units such as apartments and other residential complexes.

Compared to the September 2009 total of 1,577 dwelling units, this represents a fall of 42.7%.

Cyprus building permit numbers September 2010

Source: Cyprus Statistical Service

Between January and September 2010 building permits were issued for the construction of 8,192 residential properties. Compared to the same period last year, when permits were issued for the construction of 9,587 residential units; a fall of 14.6%.

European Union Statistics

EARLIER this month EUROSTAT, the European Commission’s statistical arm, published a report containing an analysis of building construction based on building permit statistics. According to report:

During the last ten years, the EU-27 building permits indices climbed from a low around the end of 2001/beginning of 2002 to peaks during 2006 and the first quarter of 2007, after which the indices fell. The index based on the number of dwellings recorded growth in most quarters during the second half of 2009 and the first half of 2010; the building area index recorded its first positive rate of change in the second quarter of 2010 following 12 consecutive negative quarter on quarter rates of change.

Further reading: An analysis of building construction based on building permits statistics

Readers' comments

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  • dimitri says:

    Good news if there is less concrete and ugly tower blocks…..

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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