Cyprus building permits bounce in September

After 11 months of decline, building permits showed some signs of life in September, although the reasons for the increase may turn out to be shortlived.
The number of building permits authorized by the municipal authorities and the district administration offices during September 2008 rose by 13.8% compared with September 2007 to 834.
The total value of these permits rose by 17.2% to EUR 260.3 million and the total area by 17.6% to 339,200 square metres.
However, this may not last. September 2007 also saw a fast increase in building permits, only to see a long decline thereafter.
Moreover, the number of dwelling units (flats and houses) represented by building permits in September 2008 was 1,692 dwelling units, a fall of 5.7% compared with September 2007.
The number of dwellings authorised so far this year has fallen by 9.1%.
The number of building permits in January-September fell by 10% to 6,447; the value of these permits decreased by 2.7% and the total area fell by 4.8%.

Fiona Mullen