Residential property construction in meltdown

DURING August, building permits were authorised for the construction of 403 residential properties in Cyprus compared with the 797 in August 2010; a drop of 49.4%.

Of those 403 residential properties, 217 were single houses and 186 were multiple housing units such as apartments and other residential complexes.

So far this year, building permits have been issued for the construction of 6,145 residential properties against 10,270 during the same period last year; a drop of 4,125.

According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the Island’s construction sector.