Cyprus building permits show volatility in August

Cyprus building permits showed volatility in August, reflecting perhaps both a quiet summer month and the uncertainty of the sector’s future direction.
The number of building permits authorised by the municipal authorities and the district administration offices fell by 28.6% year on year to 578 in August, having risen for three months in a row beforehand.
Similarly, the total value of these permits fell by 40.5% to EUR 153.8 mln, having risen by 62.6% and 5.3% in June and July respectively.
The total area authorised fell by 46.4% to 176,600 square metres, having fallen in 5.4% in July but risen by 22.4% in June.
Building permits in August provided for the construction of 900 dwelling units, a fall of 53.2% over August 2008.
The general trend for the year, however, is upwards. During the period January – August 2009, 5,897 building permits were issued, registering an increase of 5.1% over the corresponding period of the previous year.
The total value of these permits increased by 7.2% while the total area decreased by 6.0%, reflecting a shift to higher value villas.
Τhe number of dwelling units recorded a decrease of 9.0%.
Building permits constitute a leading indicator of future activity in the construction sector.