Volatile Cyprus building permits drop in October

The number of building permits authorised by the municipal authorities and the district administration offices in October 2009 fell by 14.1% over the year earlier to 716, having risen by 53.8% in October.
The total value of these permits fell by 13.4% to EUR 225.3 mln, having risen by 54.3% in September, and the total area fell by 40.1% to 203,278 square metres, having risen by 46.5% over the year earlier in the previous month.
These building permits provide for the construction of 1,020 dwelling units.
During the period January -October 2009, 7,388 building permits were issued, a rise of 1.3% compared with the corresponding period of the previous year.
The total value of these permits increased by 1.1% and the total area decreased by 12.4%.
Τhe number of dwelling units recorded a decrease of 14.3%.
Building permits constitute a leading indicator of future activity in the construction sector.