Cyprus building permits drop 8.6% in November

The number of building permits authorised by the municipal authorities and the district administration offices during November 2009 fell by 8.6% over the same month of 2008 to 771, according to the Statistical Service.
The total value of these permits fell by 28% to EUR 216.5 mln and the total area fell by 29.6% to 263,800 square metres.
These building permits provides for the construction of 1,285 dwelling units, down 38.5% compared with 2008.
During the period January –November 2009, 8,159 building permits were issued, registering an increase of 0.5% compared to the corresponding period of the previous year.
The total value of these permits decreased by 2.2% and the total area by 14.5%.
Τhe number of dwelling units recorded a decrease of 17.8%.
Building permits constitute a leading indicator of future activity in the construction sector.