Building permits in Cyprus down by a quarter in June

The number of building permits issued was down by 25.3% in June, on an annual basis, according to data published by the Cyprus Statistical Service, Cystat. The total value of permits was down by €70.97 mln compared to the value of permits issued in June last year.

The total value of permits issued in June came to €64.6 mln, compared to €135.59 mln last June, recording a fall of 52.34%. Total permits issued in June came to 416, compared to 557 in June 2012. Total area of properties under permit was also reduced in June by 48.9% to 63,700 sq.m. compared to 124,700 sq.m. in June of last year.

According to Cystat, the 416 permits issued in June will equal with 197 dwelling units, compared to 523, which were going to be built in June 2012, a drop of 62.33%. During the January – June period a total of 2,701 building permits were issued, down 26.4% compared to the same period of 2012.

The total value of these permits was down by 16.7% and the total area covered by 25.1%, whilst their number fell by 22.5%.
Building permits constitute an important indicator on future activity in construction.