THE NUMBER of building permits authorised in May 2015 stood at 434 compared with the 460 authorised in May 2014; a fall 5.7%, according to the latest figures from the Cyprus Statistical Service.
Compared with May 2014, the total area of these permits rose 35.9% to 90,760 square metres from 66,760, while their value surged 97.5% to €123.4 million from €62.4 million.
During May, building permits were issued for:
- Residential buildings – 272 permits
- Non-residential buildings – 91 permits
- Civil engineering projects – 25 permits
- Division of plots of land – 39 permits
- Road construction – 7 permits
During the first five months of 2015 the number of building permits authorised for both residential and non-residential projects has fallen by 3.0% to 2,034 compared with the 2,097 authorised in the same period last year, while their value has risen by 21.0% to €437.6 million and their area has increased by 17.9% to 384.5 thousand square metres.
New home construction
The 272 residential building permits approved in May provided for the construction of 223 new dwellings comprising 135 single dwellings and 141 multiple dwelling units (such as apartments, semis, townhouses and other residential complexes).
This is an increase of 23.8% compared with May 2014 when building permits were issued for the construction of 223 new dwellings.
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.