Number of building permits in Cyprus drops in October 2009

Building permits authorised by the municipal authorities and the district administration offices during October 2009 recorded a decrease of 7.6%, compared to September 2009.

According to data released by the Statistical Service, the number of building permits authorised by the municipal authorities and the district administration offices during October 2009 stood at 716.

The total value of these permits reached 225.3 million EUR and the total area 203.3 thousand square metres.

These building permits provide for the construction of 1,020 dwelling units, presenting a drop of 35.3%, compared to September 2009.

During the period January-October 2009, 7,388 building permits were issued, registering an increase of 1.3% compared to the corresponding period of 2008.

The total value of these permits increased by 1.1% and the total area decreased by 12.4%. Furthermore, the number of dwelling units recorded a decrease of 14.3%.

According to the Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.