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