Figures released by the Cyprus Statistical Service (CySTAT) earlier today reveal that the slowdown in the Island's construction sector is continuing and is showing no signs of a recovery in the near future.
Latest figures from the Statistical Service confirm that the slowdown in the Island's construction sector continues with the number of building permits issued in March falling by 23.4 percent compared with March last year.
Yesterday’s revelation about the illegal activities could have massive implications for Cyprus’ property sector and the Island’s economy. The Cyprus government may have no option other than to take effective action immediately.
With many property developers finding themselves in a difficult financial position, questions are asked about what the Cyprus government should be doing to help the Island’s property sector.
One of the largest infrastructure projects ever undertaken in Cyprus, the marina project involves the construction of a port, 1,000-berth marina, hotels and houses and is expected to inject up to one billion Euros into the Cypriot construction industry.
According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 2,125 residential properties were authorised in June 2009; up 28% on the 1,659 authorised in June last year.
