Cyprus building permits drop 14.5% in 2011

**Building costs rise 2.8% in January**

In a sign that the construction sector will still have a difficult time in 2012, the number of building permits issued in 2011 dropped by 14.5% in 2011 to 7,506 according to the latest data.
The total value of these permits decreased by 21.8% and the total area by 22.8%.
Τhe number of dwelling unit permits fell even further, by 38.2%.
In December alone 560 permits were issued, with a value of EUR 189.3 million and an area of 213.9 thousand square metres.
These building permits provide for the construction of 573 dwelling units.
Building permits constitute a leading indicator of future activity in the construction sector.
Meanwhile, the price index of construction materials for January 2012 reached 125.91 (base year 2005=100.00), recording a decrease of 0.07% over the previous month.
However, compared with January 2011, the index recorded an increase of 2.81%.