No sign of improvement for Cyprus housing construction

The data are still depressing for the housing market in Cyprus, with the number of building permits authorised by the municipal authorities and the district administration offices during November 2010 falling by 4.9% compared with the year earlier to 733.
Building permits constitute a leading indicator of future activity in the construction sector.
The total value of these permits did rise to EUR 233.6 mln, from EUR 216.5 mln in November 2010 but the total area fell by 17.9% to 216,510 square metres.
These building permits provide for the construction of 966 dwelling units, down 24.8% compared with November 2009.
During the period January – November 2010 total building permits authorised fell by 1.4% to 8,044.
The total value of permits issued in this period decreased by 5.4%, the total area decreased by 6.0% and the number of dwelling units dropped by 11.1%.

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