THE number of building permits issued for the construction of property in Cyprus continues to decline.
According to the Cyprus Statistical Service, CYSTAT, the number of permits authorised during January and February 2008 stood at 1,401 compared to 1,551 In January and February 2007. These provided for the construction of 2,812 dwelling units compared to 3,331 in the same period last year.
Compared to January and February 2007:
- the number of building permits issued has fallen by 9.7%;
- their value has decreased by 1.5%;
- the number of dwelling units for which permits have been issued has fallen by 15.6%.
Building permits constitute a leading indicator of future activity in the construction sector.
