Cyprus building permits up in value, down in number

The number of building permits authorised by the Cyprus municipal authorities fell year on year in the first two months of 2007 but rose in both value and areas, according to the latest figures from the Statistical Services.

In January-February 2007, 1,551 building permits were issued, registering a reduction of 4.7% compared with the corresponding period of the previous year.

However, the total value of these permits rose by 12.5% and the total area by 3.1%, which suggests that the sector is still buoyant.

Τhe number of dwelling units recorded a rise of 9.7%, pointing to a rise in the number of apartments being built relative to single houses.

In February alone, the number of building permits authorised was 813. The total value of these permits reached CYP 133.5 mln and the total area 299,500 square metres. These building permits provided for the construction of 1,784 dwelling units.

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