Number of building permits in Cyprus drops in January 2010

A decrease of 10.8% was recorded in the number of building permits in January 2010, while the total area of these permits recorded a decrease of 17.9%, compared to January 2009.

According to a press release issued today by Cyprus Statistical Service (CyStat), the number of building permits authorized by the municipal authorities and the district administration offices during January 2010 stood at 619 compared to 694 in January 2009.

The total value of these permits reached 198.1 million euro in January 2010 and the total area 228.8 thousand square metres, compared to 234.1 million euro and 278.9 thousand square metres in the corresponding month of the 2009.

These building permits provide for the construction of 1,290 dwelling units compared to 1,585 in January 2009.

According to CyStat, building permits constitute a leading indicator of future activity in the construction sector.