Cyprus building permits fall 47% in March

The decline in construction accelerated in March, as the drop in the number of building permits authorised fell by 47% to 428, from 808 in March 2012.

The value of these permits declined over the year earlier by 44.4% to EUR 82.4 mln and the total area fell by 41.3% to 87,251 square metres.

These building permits provided for the construction of 303 dwelling units, down from 506 in /march 2012.

In January-March 2013, 1,397 building permits were issued, registering a decrease of 30.0% compared to the corresponding period of the previous year.

The total value of these permits decreased by 5.3% and the total area by 13.2%.

Τhe number of dwelling units recorded a decrease of 7.0%.

Building permits constitute a leading indicator of future activity in the construction sector.