Cyprus building permits up 1.62% y/y by value in Jan-Oct

The Statistical Service has announced that the number of building permits authorised by the municipal authorities and the district administration offices during October 2007 stood at 797.

The total value of these permits reached CYP 144.4 million and the total area 318,100 square metres.

These building permits provide for the construction of 1,775 dwelling units.

During the period January-October 2007, 7,963 building permits were issued, registering a decrease of 0.75% compared to the corresponding period of the previous year.

However, the total value of these permits increased by 16.2% and the total area by 5.3%.

In addition, the number of dwelling units recorded a rise of 7.1%.

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