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Construction activity showing no signs of recovery

The latest figures from the Cyprus Statistical Service offer no encouraging signs of an upturn in the Island’s property and construction sectors as the number of building permits issued continues to fall.

FIGURES released today by the Cyprus Statistical Service show that 691 building permits were authorised by the Municipal Authorities and the District Administration Offices in May 2011.

Compared with the 761 building permits authorised in May 2010, this reflects a fall of 9.2% over last year.

In May 2011, building permits were issued for:

  • Residential buildings – 470 permits
  • Non-residential buildings – 106 permits
  • Civil engineering projects – 40 permits
  • Division of plots of land – 70 permits
  • Road construction – 5 permits

The total value of these permits reached €173.5 million and the total area 180.8 thousand square metres.

During the period January to May 2011, 3,328 building permits were issued; a fall of 13.0% compared to the same period last year. The total value of these permits fell by 24.1% and the total area fell by 28.8%.

Residential buildings

Focusing on the 470 permits issued for the construction of residential buildings, these were approved for 686 dwelling units – 294 single houses and 392 multiple housing units such as apartments and other residential complexes.

Compared to the May 2010 total of 1,337 dwelling units, this represents a fall of 48.7% and an overall year-to-date fall of 41.8%.

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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  • out of the frying pan into the fire says:

    I think Mike and Costas are right .

  • Steve says:

    I have a shot at this too. The £/€ exchange rate has been 1.1-1. for more than 6 months now. Even with discounts in Cyprus that makes a Cyprus white box in the sticks cost as much as or more than a nice house in the UK. The Cypriots have stopped buying because lots of them have lost their jobs due to the downturn in the Cyprus economy, particularly……… construction.

  • Mike says:

    I think it is an American based plot to hack into land registry computers and alter the true figures. Next….

  • Costas Apacket says:

    Now there’s got to be a reason(s) for this slowdown.

    Anyone got any ideas what it / they might be?

    I’ll start the ball rolling with this one:

    You pay in full for your property in Cyprus and then you don’t legally own it!!

    Over to you lot!

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


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