Cyprus building permits down 5.6% in October

The future for the construction sector still looks bleak, with the number of building permits authorized down again by 5.6% year on year in October.
The Statistical Service announced that the number of building permits authorised by the municipal authorities and the district administration offices during October 2010 stood at 676.
The total value of these permits reached EUR 216.7 mln, down 5.6% compared with October 2009.
However, the total area authorised rose by 16.3% to 236,479 square metres and the total number of dwellings authorize rose by 23.2% to 1,257.
During the period January -October 2010, 7,311 building permits were issued, registering a decrease of 1.0% compared with the corresponding period of the previous year.
The total value of these permits decreased by 6.6% and the total area decreased by 4.8%.
Τhe number of dwelling units recorded a decrease of 9.8%.

Building permits constitute a leading indicator of future activity in the construction sector.