Building permit growth slows in Feb

The number of building permits authorised by the municipal authorities and the district administration offices during February 2005 rose by just 1.7% year on year to reach 775.

The total value of these permits reached CYP 111.7 mln, up 5.5% from February 2005, and the total area 285.7 thousand square metres, down 0.2%. These building permits provide for the construction of 1,589 dwelling units.

During the period January-February 2005, 1,532 building permits were issued, registering an increase of 12.2% compared to the corresponding period of the previous year. The total value of these permits increased by 17.8% and the total area by 12.5%. The number of dwelling units showed a rise of 28.5%.

Building permits constitute a leading indicator of future activity in the construction sector.

Data by district show that Nicosia leads, with 260 permits issued in February, followed by Paphos with 193, Limassol with 173, Larnaca with 117 and Ammochostos with just 30.