Cyprus building permits dropped 12.4% y/y in January

The construction sector in Cyprus has been in decline since the middle of 2008 and January was no exception.
The number of building permits authorised by the municipal authorities and the district administration offices dropped by 12.4% to 486 in January compared with 555 in January 2012.
The total value of these permits reached fell by 13.4% to EUR 108.6 mln compared with EUR 125.4 mln in January 2012 and the total area dropped by 13.5% to 110.0 thousand square metres from 127.1 thousand square metres in the corresponding month of 2012.
These building permits provide for the construction of 432 dwellings, down 7.7% from the authorised 468 in January 2012.