IN A PRESS release issued earlier today, the Statistical Service (CYSTAT) announced that the number of building permits authorized by the Municipal Authorities and the District Administration Offices during February 2010 was 813, comprising:
- Residential buildings – 604 permits
- Non-residential buildings – 107 permits
- Civil engineering projects – 36 permits
- Road construction – 12 permits
- Division of plots of land – 54 permits
Focusing on the permits issued for the construction of residential buildings, these were approved for the construction of 1,691 dwelling units – 617 single houses and 1,074 multiple housing units such as apartments. Compared to the February 2009 total of 1,587 dwelling units, this represents an increase of 6.6%.
During January and February 2010 building permits were issued for the construction of 2,981 residential properties. Compared to the same period last year, when permits were issued for the construction of 3,172 residential units, this represents a fall of 6.0%
According to the Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.
So the madness continues! There is already a glut of empty properties in Cyprus so why on earth are the authorities continuing to issue building permits?
It is sheer insanity and beggars belief!