Building permits down 18% y/y in Nov

The number of building permits continued to decline in November, falling by 18% compared with the year earlier to 601.
The total value of these permits reached EUR 145.1 mln and the total area 153.8 thousand square metres. These building permits provide for the construction of 572 dwellings, a drop of 40.8% compared with November 2010.
For the period January – November 2011 the number of building permits issued fell by 13.6% over the same period of the previous year to 6,946.
The total value of these permits decreased by 23.4% and the total area by 24.5%, according to the Statistical Service. Τhe number of dwellings authorised fell by 38.3%.
Building permits constitute a leading indicator of future activity in the construction sector.