Cyprus building permits decreases by 10% in 2008

The number of building permits authorized by the municipal authorities and the district administration offices, during the period January – September 2008, marked a decrease of 10% compared to the corresponding period of 2007.

The total value of these permits decreased by 2.7% and the total area was down by 4.8%. The number of dwelling units recorded a decrease of 9.1%.

According to a press release, issued by the Statistical Service of the Republic of Cyprus, the number of building permits authorized during September 2008 stood at 834.

The total value of these permits reached 260.3 million Euro and the total area 339.2 thousand square metres. These building permits provide for the construction of 1692 dwelling units.

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