Building permits flat on December

The number of building permits authorised by the municipal authorities and the district administration offices during January 2005 stood at 757 compared to 604 in January 2004 for a 25.3% year-on-year increase but in terms of capacity, the monthly change was flat.

The Department of Statistics announced that the total value of these permits reached CYP 104,9 mln and the total area 268,000 square metres, compared to CYP 78,0 mln and 205,900 square metres in the corresponding month of the previous year. These building permits provide for the construction of 1.474 dwelling units compared to 1.113 in January 2004.

While the year-on-year increases are very satisfactory, the value increase is 34.5% while the capacity increase compared to a year ago is 30.2%, however, on a monthly comparison basis, the capacity increase is unchanged.

In December 2004, the number of permits were 672 for a value of CYP 119.3 mln and capacity of 268.321 sq. metres, which confirms recent reports that the size of new construction is decreasing to contrast the sharp rise in real estate values and construction costs.