ACCORDING to figures released by the Cyprus Statistical Service, the number of building permits issued in March stood at 808 compared with the 740 issued in March 2011; an increase of 9.2%.
However, the total area of these permits stood at 112,451 square metres, a fall of 43.5% compared with March last year and their value stood at €102,790, a fall of 40.7% compared with March 2011.
In March, building permits were issued for:
- Residential buildings – 439 permits
- Non-residential buildings – 256 permits
- Civil engineering projects – 52 permits
- Division of plots of land – 54 permits
- Road construction – 7 permits
Over the first quarter of the year, the total area of licensed projects was 417.2 thousand square metres; a fall of 34.7% on the 638.7 thousand square metres during the first quarter of 2011. Similarly, the total value of these projects fell 35.9% to €409.5 million from €638.7 million in the first quarter of last year.
Construction of new homes
In March, the 439 permits were approved for the construction of 506 new homes comprising 288 single houses and 218 multiple housing units (such as apartments and other residential complexes).
This is a fall of 57.7% compared with March 2011 when building permits were issued for the construction of 1,196 new homes.
During the first quarter of the year, the number of new homes for which permits have been issued has dropped 45.1% compared with the first quarter of 2011.
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.