THE NUMBER of building permits authorised in October 2014 stood at 466 compared with the 475 authorised in October 2013; a fall of 2%, according to figures released by the Cyprus Statistical Service.
Compared to October 2013, the total area of these permits fell 38% to 70.1 thousand square metres from 113.1, while their value fell 35% to €74.1 million from €113.3 million.
During October 2014, building permits were issued for:
- Residential buildings – 332 permits
- Non-residential buildings – 95 permits
- Civil engineering projects – 13 permits
- Division of plots of land – 24 permits
- Road construction – 2 permits
New home construction
The 332 residential building permits authorised in October provided for the construction of 271 dwelling units comprising 156 single houses and 115 multiple housing units (such as apartments, semis, townhouses and other residential complexes).
Year to date performance
During the first ten months of 2014, a total of 4,180 building permits were authorised; a fall of 6% compared to the 4,468 permits authorised during the same period in the previous year. The total value of these permits has fallen by 27%, while their total area has fallen 28%.
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.
Never mind, it’ll all turn good when the American investor gets stuck in……..(now, where have we heard something like this before……………).