Cyprus building permits drop 21.1% in July

The number of building permits authorised by the municipal authorities and the district administration offices fell by 21.2% compared with the year earlier to 601 in July.
The total value of these permits reached EUR177.1 mln and the total area 186,807 square metres.
These building permits provide for the construction of 859 dwelling units, down from 1,028 in July 2010.
In January – July 2011, number of building permits authorised dropped by 14.1% compared with the year earlier to 4,625.
The total value of these permits decreased by 23.8% to EUR 1.26 bln and the total area by 28.4% to 186.8 mln square metres.
Τhe number of dwelling units authorised dropped by 39.4% to 5,742.
Building permits constitute a leading indicator of future activity in the construction sector.