Green shoots in the Cyprus construction sector?

“Green shoots” appeared to be sprouting in the Cyprus construction sector in June, as building permits rose over the year earlier for the second straight month.
The Statistical Service reported that the number of building permits authorised by the municipal authorities and the district administration offices during June 2009 stood at 818.
This was 11.7% higher than the 770 recorded in June 2008 according to Financial Mirror calculations. Permits in May had risen by 25.2% to 830, having fallen by 5.1% in April.
The total value of the permits in June reached EUR 383.4 mln, a rise of 62.6% over June 2008, after a fall of 3.5% in April according to our analysis.
The total area authorised also rose, by 22.7% to 359,700 square metres. These building permits provide for the construction of 2,125 dwelling units, up from 1,659 in June 2008.
During the period January -June 2009, 4,515 building permits were issued, registering an increase of 5.0% compared to the corresponding period of the previous year. The total value of these permits increased by 9.2% but the total area decreased by 5.1%. Τhe number of dwelling units recorded a decrease of 3.3%.
According to anecdotal evidence, the fall in area but rise in value this year may be because developers are concentrating on the luxury villa market, where demand has suffered less from the global downturn.