Cyprus building permits leap 10% in Q1

The construction sector in Cyprus is showing signs of revival with an increase in building permits in the first quarter according to the Statistical Service.
In January – March 2010, the number of building permits issued rose by 10.0% over the year earlier to 2,398, compared with 2,180 in the corresponding period of 2009.
The total value of these permits increased by 11.1% and the total area by 9.1%.
Τhe number of dwelling units rose by 4.1%.
Permits for single houses rose by 11.7% while permits for buildings with two or more housing units rose by 15.1%.
On the other hand, permits for non-residential buildings fell by 14.9%.
Civil engineering projects rose by 48.6%, perhaps because of the new marinas being built, while road construction projects rose by 92.3%.
In March alone, the number of permits authorised stood at 966.
The total value of these permits reached EUR 287.4 m;n and the total area 317,003 square metres.
These building permits provide for the construction of 1,758 dwelling units.
Building permits constitute a leading indicator of future activity in the construction sector.