Cyprus building permits decline by 10.56% in May

The number of building permits issued in May 2012 declined by 10.56% year on year, marking a further deterioration of the construction sector amid the financial crisis.

According to figures released today by Cyprus Statistical Service, building permits for the first five months of the current year marked a decrease of 6.4%

The number of building permits issued by municipal and district authorities in May 2012 declined to 618 from 691 in May 2011. Total value of the permits issued reached 126.6 million EUR compared with 173.4 million in May 2011, marking a decrease of 46.88 million EUR or 27%.

According to CyStat, the total area of these building permits reached 134.1 thousand square metres compared with 180.0 thousand sq. meters in May 2011.

During the period January – May 2012, 3.114 building permits were issued, registering a decrease of 6.4% compared to the corresponding period of the previous year. The total value of these permits decreased by 30.1% and the total area by 33.9%.

Dwelling units declined by 42.3%.