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Construction continues to weaken

By Nigel Howarth
Housing crisis exacerbated by permits approval

ACCORDING to figures just released by the Cyprus Statistical Service, CYSTAT, output in the property construction sector continues to weaken with the number of building permits issued during May 2008 standing at 732.

The total value of these permits reached €235.8 million and the total area 293.2 thousand square metres; they provide for the construction of 1,715 dwellings.

During the period January – May 2008, 3,520 building permits were issued; a decrease of 15.1% compared to the corresponding period last year. The total value of these permits decreased by 9.0% and their total area by 10.9%.

The number of dwellings decreased by 10.6%.

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