THE NUMBER of building permits issued in May 2012 stood at 618 compared with the 691 issued in May last year; a decrease of 10.6%, according to the latest figures released by the Cyprus Statistical Service.
Compared with May 2011 the total area of these building permits fell from 180,882 square metres to 134,085 square metres (-26%) and their value fell from €173 million to €127 million (-27%).
During May, building permits were issued for:
- Residential buildings – 401 permits
- Non-residential buildings – 95 permits
- Civil engineering projects – 74 permits
- Division of plots of land – 42 permits
- Road construction – 6 permit
During the period January – May 2012, 3,114 building permits were issued; a decrease of 6.4% compared to the same period last year, while the total value of these permits fell by 30.1% and their total area fell by 33.9%.
New home construction
The 401 residential building permits that were approved in May provided for the construction of 459 new homes comprising 236 single houses and 223 multiple housing units (such as apartments and other residential complexes).
This is a fall of 33% compared with May 2011 when building permits were issued for the construction of 686 new homes.
During the first five months of 2012, the number of new homes for which permits have been issued has dropped 42.3% compared with the same period last year.
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.