THE sharp decrease of investment in new construction projects in Cyprus is continuing according to figures published earlier today by the Island’s Statistical Service (CySTAT).
CySTAT’s figures reveal that a total of 594 building permits were authorised by the Municipal Authorities and District Administration Offices in October 2011. Compared with the 733 permits authorised in October 2010; a fall of 19%.
In October, building permits were issued for:
- Residential buildings – 404 permits
- Non-residential buildings – 111 permits
- Civil engineering projects – 20 permits
- Division of plots of land – 56 permits
- Road construction – 3 permits
The total value of these permits reached €170.5 million and their total area 180.8 thousand square metres.
During the period January to October 2011, 6,345 building permits were issued; a decrease of 13.2% compared to the corresponding period of last year. The total value of these permits fell by 21.8% and their total area by 24.1%.
In October, 404 permits were approved for the construction of 617 dwellings comprising 288 single houses and 329 multiple housing units (such as apartments and other residential complexes).
This is a fall of 50.9% compared with October 2010 when building permits were issued for the construction of 1,257 dwellings.
During the first ten months of 2011, building permits were issued for the construction of 7,694 dwelling units compared with 12,430 during the same period in 2010; a drop of 4,4736 (-38.1%).
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.