FIGURES from the Cyprus Statistical Service (CYSTAT) released earlier today show that investments in the Island’s once thriving construction sector are continuing to fall.
CYSTAT’s figures reveal that a total of 648 building permits were authorised by the Municipal Authorities and District Administration Offices in September 2011. Compared with the 717 permits authorised in September 2010, this represents a fall of 9.6%.
In September, building permits were issued for:
- Residential buildings – 465 permits
- Non-residential buildings – 99 permits
- Civil engineering projects – 26 permits
- Division of plots of land – 50 permits
- Road construction – 8 permits
The total value of these permits was €187.8 million and their total area 219.5 thousand square metres.
During the period January to September 2011, 5,751 building permits have been issued; a decrease of 13.3% compared to the corresponding period of last year. Their total value decreased by 21.9% and their total area by 24.2%.
Residential buildings
In September, 465 permits were approved for the construction of 932 dwelling units comprising 329 single houses and 603 multiple housing units (such as apartments and other residential complexes).
This is a marginal improvement of 3.2% compared with September 2010 when building permits were issued for the construction of 903 residential units.
So far this year, building permits have been issued for the construction of 7,077 dwelling units against 11,173 during the same period last year; a drop of 4,096 (-36.7%).
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.