FIGURES released today by the Cyprus Statistical Service offer no encouraging signs of an upturn in investments in the construction sector as the number of building permits issued continues to fall.
A total of 696 building permits were authorised by the Municipal Authorities and the District Administration Offices in June 2011. Compared with the 792 permits authorised in June 2010, this reflects a fall of 21.1% over last year.
In June 2011, building permits were issued for:
- Residential buildings – 515 permits
- Non-residential buildings – 93 permits
- Civil engineering projects – 31 permits
- Division of plots of land – 46 permits
- Road construction – 11 permits
The total value of these permits reached €163.1 million and the total area 174.0 thousand square metres.
During the period January to June 2011, 4,024 building permits were issued; a fall of 12.9% compared to the same period last year. The total value of these permits fell by 24.6% and their total area fell by 229.3%.
Of the 515 permits approved for the construction of residential buildings, these were issued for the construction of 662 dwelling units comprising 293 single houses and 369 multiple housing units such as apartments and other residential complexes.
Compared to the June 2010 total of 1,193 dwelling units, this represents a fall of 44.5% and an overall year-to-date fall of 42.2%.
Limassol has suffered the worst fall, with the number of dwelling units for which permits have been issued down by 51.0% compared with last year. Limassol is followed by Larnaca (-48.8%), Famagusta (-37.4%), Nicosia (-36.2%) and finally Paphos (-31.6%).
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.