Cyprus building permits fall by value in June

The number of building permits authorized by the municipal authorities and the district administration offices of Cyprus in May 2009 rose according to Financial Mirror calculations by 25.2% over the year earlier to reach 830.
However, the total value of these permits fell by 3.5% year on year to EUR 225.5 mln.
Similarly, the total area authorized fell by 14% to 254,844 square metres.
These building permits provide for the construction of 1191 dwelling units, a fall of 28.2% according to our calculations.
During the period January – May 2009, 3,697 building permits were issued, a rise of 5.0% compared with the corresponding period of the previous year.
However, the total value of these permits decreased by 1.1% and the total area decreased by 9.5%.
Τhe number of dwelling units recorded a decrease of 10.1%.
Financial Mirror analysis of the figures by district show that the two regions most affected by the downturn are Paphos and Larnaca, both of which are prime spots for British tourists.