- Cyprus Property News Magazine - https://www.news.cyprus-property-buyers.com -

Residential property construction continues to slow

ACCORDING to figures released today by the Cyprus Statistical Service, 669 building permits were authorised in February 2011, a fall of 3.1% over the 813 authorised in February 2010, comprising:

The total value of these permits reached €193.9 million and the total area 204.7 thousand square metres.

During the first two months of this year, 1,337 building permits were issued; a fall of 6.6% compared with the first two months of last year. The total value of these permits fell by 27% and their total area fell by 34.1%.

Focusing on the 490 permits issued for the construction of residential buildings, these were approved for 941 dwelling units – 364 single houses and 577 multiple housing units such as apartments and other residential complexes.

Compared to the February 2010 total of 1,691 dwelling units, this represents a fall of 44% and an overall year-to-date fall of 42%.

Building permits issued in Cyprus - February 2011

Source: Cyprus Statistical Service

According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.