Cyprus October building permits hint at slowdown

Building permits in Cyprus gave their first hint of a slowdown in October as the area of building permits authorised fell by 4.1% compared with October 2006 to 318,083 square metres. The number of building permits also fell by 19.3% to 797.

Monthly building permit data are volatile and the value of permits was still higher than in October 2006, at CYP 144.4 million.

However, the increase, at 3.1%, was much less than in previous months, when the value of building permits had risen by an average 18% year on year in the first nine months.

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.

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

Τhe number of dwelling units recorded a rise of 7.1%.

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