Cyprus building permits bounce in Sep

Cyprus building permits bounced in September, as the number of building permits authorised by the municipal authorities and the district administration offices during September 2009 rose by 53.8% over the year earlier to 775.
In the previous month, permits had declined by 28.6% over the year earlier.
The total value of permits in September reached EUR 233.5 mln, a rise of 54.3% over September 2008, while the area reached 276,027 square metres, a rise of 46.5%.
These building permits provided for the construction of 1,577 dwelling units, a rise of 69.4% over the year earlier.
Monthly building permit data tend to be volatile and the November results are in sharp contrast to the trend for the whole year.
During the period January – September 2009, 6,672 building permits were issued, registering an increase of 3.5% compared to the corresponding period of the previous year.
The total value of these permits increased by 5.0% and the total area decreased by 7.6%. Τhe number of dwelling units recorded a decrease of 8.8%.
Building permits constitute a leading indicator of future activity in the construction sector.