Value of Cyprus building permits rises for second straight month

The value of building permits authorised in Cyprus rose for the second straight month in July, rising by 5.8% year on year to EUR 258.9 million. In June, permits had risen in value by 62.6% to EUR 383.4 mln.
The absolute number of permits also rose by 3.2% to 804, having grown by 11.7% in June.
These building permits provide for the construction of 1,161 dwelling units.
Building permits constitute a leading indicator of future activity in the construction sector, therefore the data may point to an eventual upturn in the beleaguered construction sector.
Measured by area, however, permits fell compared with July 2008 by 5.4% to 295,814 square metres.
The Statistical Service reported that in January – July 2009, 5,319 building permits were issued, a rise of 4.1% compared with the corresponding period of the previous year.
The total value of these permits increased by 7.8% and the total area decreased by 5.9%.
Τhe number of dwelling units recorded a decrease of 9.5%.