Cyprus building permits drop in January after strong 2006

The Statistical Service has announced that the number of building permits authorised by the municipal authorities and the district administration offices during January 2007 stood at 738, compared with 775 in January 2006, thus marking a fall of 4.8% year on year.

At the same time, the value of such permits rose by 5.8% to CYP 119 mln. The total area was 263,900 square metres, compared with 280,800 square metres in January 2006.

Monthly trends in building permits are erratic, therefore it is too early to say whether this means a downturn for the hitherto booming construction sector.

In 2006 the number of building permits in Cyprus rose by 7.7% to reach 9,794, compared with 9,098 in 2005, while the value of permits rose by 8.1% to CYP 1.4 bln.

 

Fiona Mullen