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Building permits fell in April as construction slowed

Latest figures from the Statistical Service confirm that Cyprus’ construction industry is continuing to struggle with the number of building permits issued in April falling 16.2 percent compared with April last year.

FIGURES released today by the Cyprus Statistical Service show that 560 building permits were authorised by the Municipal Authorities and the District Administration Offices in April 2011.

Compared with the 668 building permits authorised in April 2010, this reflects a fall of 16.2% over last year.

In April 2011, building permits were issued for:

  • Residential buildings – 391 permits
  • Non-residential buildings – 92 permits
  • Civil engineering projects – 20 permits
  • Division of plots of land – 51 permits
  • Road construction – 6 permits

The total value of these permits reached €157.0 million and the total area 174.7 thousand square metres.

During the period January to April 2011, 2,637 building permits were issued; a fall of 14.0% compared to the same period last year. The total value of these permits fell by 24.0% and their total area fell by 27.8%.

Residential buildings

Focusing on the 391 permits issued for the construction of residential buildings, these were approved for 611 dwelling units – 311 single houses and 300 multiple housing units such as apartments and other residential complexes.

Compared to the April 2010 total of 1,176 dwelling units, this represents a fall of 48% and an overall year-to-date fall of 40.2%.

Source: Cyprus Statistical Service

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

Readers' comments

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  • John Savidge says:

    Maybe now is the time to start work on overhauling the whole property market and legal system as suggested earlier.

  • Sue says:

    Join the world wide club Cyprus !!

  • Mike says:

    We reap what we sow as other property markets grow.

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

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