Worst may be over for Cyprus construction sector

December figures for building permits in Cyprus show that total building permits authorised inched up by 0.6% over the year earlier in 2009, reaching a total of 8,950 compared with 8,896 in 2008.
This was better than the 6.6% drop recorded in 2008 and, since building permits are a leading indicator, could suggest that the worst is over for the construction sector which has been hit hard by the downturn.
However, conditions are still difficult. Permits were down when measured by value, with the value of permits dropping by 3.1% to EUR 2,816 m (EUR 2.8 bln).
By area, permits fell by 15% to 3,136 thousand square metres and the total number of dwelling units authorised fell by 16.9% to 16,688.
In December alone, number of building permits fell by 4.2% to 791.