Cyprus building permits up 8.5% y/y by value in August

The number of building permits authorized by the municipal authorities and the district administration offices during August 2007 reached 558, compared with 585 in August 2006.

The total value of these permits reached CYP 87.3 mln, up by 8.5% compared with August 2007 and the total area reached 192,000 square metres, down by 3.8%.

These building permits provide for the construction of 1,205 dwelling units.

During the period January-August 2007, 6,433 building permits were issued, registering an increase of 1.1% compared to the corresponding period of the previous year.

The total value of these permits increased by 17.3% and the total area by 5.7%.

Τhe number of dwelling units recorded a rise of 6.6%.

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