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

Building permits fell in April as construction slowed

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:

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.