THE NUMBER of building permits issued in September 2012 stood at 604 compared with the 648 issued in September last year; a fall of 6.8%, according to the latest figures released by the Cyprus Statistical Service.
Compared with September 2011, the total area of these permits fell to 116,300 square metres from 219,492 square metres (-47%) and their value fell to €135.1 million from €187.8 million (-28%).
During September, building permits were issued for:
- Residential buildings – 327 permits
- Non-residential buildings – 74 permits
- Civil engineering projects – 171 permits
- Division of plots of land – 29 permits
- Road construction – 3 permits
During the period January – September 2012, 5,365 building permits were issued; a decrease of 6.7% compared to the number issued in the same period last year. Their total value fell 24.0% and their total area fell by 33.2%.
New home construction
The 327 residential building permits approved in September provided for the construction of 491 new homes comprising 200 single houses and 291 multiple housing units (such as apartments and other residential complexes).
This is a fall of 47% compared with September 2011 when building permits were issued for the construction of 932 new homes.
During the first nine months of 2012, the number of new homes for which permits have been issued has dropped 37.2% 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.