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Construction investments continue downward trend

More bad news from the Cyprus Statistical Service emerged today as the number of building permits approved sank further in July as investments in the Island’s real estate continued their downward trend.

FIGURES from the Cyprus Statistical Service released earlier today show that the decline in the Island’s construction sector is continuing as the number of building permits issued continues to fall.

A total of 601 building permits were authorised by the Municipal Authorities and the District Administration Offices in July 2011. Compared with the 763 permits authorised in July 2010; a fall of 21.2% over last year.

In July 2011, building permits were issued for:

  • Residential buildings – 428 permits
  • Non-residential buildings – 99 permits
  • Civil engineering projects – 28 permits
  • Division of plots of land – 41 permits
  • Road construction – 5 permits

The total value of these permits reached €177.1 million and the total area 186.8 thousand square metres.

During the period January to July 2011, 4,625 building permits were issued; a fall of 14.1% compared to the same period last year. The total value of these permits fell by 23.8% and their total area fell by 28.4%.

Residential buildings

The 428 permits were approved for the construction of 859 dwelling units, comprising 289 single houses and 570 multiple housing units such as apartments and other residential complexes.

Compared with the July 2010 total of 1,028 dwelling units, this represents a fall of 16.4% and an overall year-to-date fall of 39.4%.

Source: Cyprus Statistical Service

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

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