COVID19: Building permits down 23.9% in March

As the coronavirus outbreak started in Cyprus, the number of building permits issued fell by 23.9% in March on an annual basis, according to official data.

According to the Statistical Service in March, during which COVID-19 containment measures were introduced, the number of building permits authorised by local authorities stood at 397, recording a drop of 23.9% from March 2019.

The total value of these permits was €139.8 mln and the total area covered reached 135,700 square metres.

These building permits provided for the construction of 524 housing units.

During January – March, 1,526 building permits were issued compared to 1,591 in the first three months last year, a decrease of 4%.

The total value of these permits increased by 4.6% and the total area by 5.7% while the number of housing units recorded a 9.3% increase.

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