Cyprus building permits drop 6.7% y/y in July

The number of building permits authorised by the municipal authorities and the district administration offices during July 2010 stood at 763, according to the Statistical Service, marking a drop of 6.7% over the same month of 2009.
These building permits provide for the construction of 1,028 dwelling units, a drop of 51.6% over the same period of the previous year.
The total area authorised fell by 33.0% to 241,035 square metres and the total value fell by 51.6% to EUR 217.3 mln.
On a slightly more positive note, during the period January – July 2010, the number of building permits issued rose by 1.2% over the year earlier to 5,382.
However, the total value of these permits decreased by 6.0%, the total area by 3.1% and the number of dwelling units by 7.9%.
Building permits constitute a leading indicator of future activity in the construction sector.