THE NUMBER of building permits authorised in November 2014 stood at 408 compared with the 477 authorised in November 2013; a fall of 14.8%, according to figures released by the Cyprus Statistical Service.
Compared to November 2013, the total area of these permits fell 3.5% to 77.4 thousand square metres from 80.2, while their value fell 9.4% to €84.0 million from €92.8 million.
During November 2014, building permits were issued for:
- Residential buildings – 287 permits
- Non-residential buildings – 76 permits
- Civil engineering projects – 23 permits
- Division of plots of land – 19 permits
- Road construction – 3 permits
New home construction
The 206 residential building permits authorised in November provided for the construction of 239 dwelling units comprising 144 single houses and 95 multiple housing units (such as apartments, semis, townhouses and other residential complexes).
Year to date performance
During the first eleven months of 2014, a total of 4,588 building permits were authorised; a fall of 7.3% compared to the same period in 2013. The total value of these permits has fallen by 25.4% and their total area has fallen 26.2%, while the number of new homes has fallen 33.1%
According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.