Cyprus & World News

Building permits in Cyprus slow down in April

10 July, 2014

The Statistical Service Cystat announces that the number of building permits authorised by the municipal authorities and the district administration offices in April totalled 384, down from 448 recorded in March, 409 in April and 396 in January.
Building permits constitute a leading indicator of future activity in the construction sector, the part of the economy hit most by the credit crunch and austerity measures imposed by the Troika of international lenders last year.
The total value of the April permits reached €56.6 mln and the total area 57,300 square metres. These building permits provide for the construction of 254 dwelling units.
During the period January–April 2014, 1,637 building permits were issued, registering a decrease of 14,1% from 1,905 in the corresponding period of the previous year. The total value of these permits decreased by 37,1% from 475.7 mln to to 299.3 mln and the total area by 42,1%. Τhe number of dwelling units recorded a decrease of 52,4%, primarily in rural areas, probably due to the slowdown of tourist homes in the outskirts of Paphos, Larnaca and Limassol and nearby villages, popular among retirees.