Signs of life for the Cyprus property sector?

After a long drought there could be signs of life in the Cyprus property sector, judging by the latest figures on building permits, which are a leading indicator of economic activity in the construction sector.
Although the number of building permits fell again in September, there was an increase in the number of dwellings authorised.
Total permits authorised by the municipal authorities and district administration offices fell by 9.6% to 648, but permits for dwellings rose by 3.2% to 932.
Similary, although the value of these permits fell by 13% to EUR 187.8 mln the total area rose by 4.6% to 219,492 square metres.
During the period January – September 2011, building permits fell by 13.3% compared with the year earlier to 5,751.
The total value of these permits decreased by 21.9% and the total area by 24.2%.
Τhe number of dwelling units recorded a decrease of 36.7% in this period.

Fiona Mullen
www.sapientaeconomics.com