Cyprus building permits drop again in January

Building permits fell for the fourth straight month in January according to the Statistical.
The number of building permits authorised by the municipal authorities and the district administration offices during January 2010 fell by 20.5% to 619 compared with 694 in January 2009.
The total value of these permits fell by 23.7% to EUR 198.1 mln, from EUR 234.1 mln in January 2009. The total area fell by 30.2% to 228.8 thousand square metres, compared with 278.9 thousand square metres in the corresponding month of the previous year.
These building permits provide for the construction of 1,290 dwelling units, down 26.6% from 1,585 in January 2009.
Building permits constitute a leading indicator of future activity in the construction sector.