Cyprus building permits drop 23.4% y/y in March

The construction sector looks set to remain in the doldrums for some time to come as the number of building permits authorised fell compared with the year earlier by 23.4% in May, to reach 740.
The total value of these permits reached EUR 236.4 mln, a drop of 17.7% over the year earlier.
The total area authorised fell by 15.9% to 266,707 square metres.
These building permits provided for the construction of 1,196 dwelling units, a drop of 32% compared with Mach 2010.
For the period January – March 2011, the Statistical Service reported that 2,077 building permits were issued, a drop of 13.4% compared with the corresponding period of the previous year.
The total value of these permits decreased by 23.6% and the total area decreased by 27.6%.
Τhe number of dwelling units dropped by 38.3%.
Building permits constitute a leading indicator of future activity in the construction sector.