Cyprus building permits down for tenth straight month

Building permits fell for the tenth straight month in Cyprus in July, as developers anticipated weaker demand.
The number of building permits authorised by the municipal authorities and the district administration offices during July 2008 stood at 810, according to the Statistical Service, compared with 848 in July 2007.
The total area provided for was 329,300 square metres, down 3.1% compared with July 2007.
However, the total value of these permits rose slightly, by 1.1% to EUR 258.7 mln.
These building permits provide for the construction of 1,925 dwelling units.
During the period January-July 2008, 5,109 building permits were issued, registering a decrease of 13.0% compared to the corresponding period of the previous year.
The total value of these permits fell by 5.6% and the total area by 7.9%.
Τhe number of dwelling units dropped by 8.2%.
Building permits constitute a leading indicator of future activity in the construction sector.