Building permits continue to decline

The number of building permits dropped again in May, falling by 9.2% over the year earlier to 691, having dropped by 16.2% in April.
The value of these permits fell by 24.35 to EUR 173.5 mln and the total area dropped by 33.1% to 180,822 square metres.
These building permits provided for the construction of 686 dwelling units, a fall of 48.7% compared with May 2010.
Building permits have been in decline in value terms since 2008 and the year to date for 2011 is no exception.
In January – May 2011, building permits authorised dropped by 13% to 3,328.
The total value of these permits decreased by 24.1% and the total area decreased by 28.8%.
Τhe number of dwelling units declined by 41.8%.