Cyprus building permits drop by 9.4% in Feb

The number of building permits authorised by the municipal authorities and the district administration offices fell by 9.4% to 633 in February 2012, having dropped by 13.0% in January.
The total value of these permits reached fell by 30% to EUR 135.8 mln and the total area declined by 30.9% to 141,435 square metres.
These building permits provided for the construction of 630 dwelling units, marking a drop of 33% compared with the year earlier.
In January – February 2012, total building permits fell by 11.1% comapred with the same period of the previous year to 1,188.
The value of these permits fell by 25.7% and the area by 27.8%.
Τhe number of dwelling units declined by 36.5%.
Building permits constitute a leading indicator of future activity in the construction sector. Apart from tiny growth of 0.6% in 2009, they have been in decline since 2007.