Building permits fell almost 20% year-on-year in terms of construction area and 17% in terms of volume in the first two months of 2016, suggesting a possible slow down in construction activity, the statistical service said recently.
The total construction area and value of projects that acquired a building permit in January to February was 143,207 square meters and €153.3m respectively, Cystat said in a statement on its website.
Local authorities issued building permits for 544 housing projects in the first two months, a 0.7% rise compared to the previous year, Cystat said. The number of the planned housing units fell 5.6% to 555. The construction area and value of housing projects, which obtained a permit in the first two months fell an annual 6.7% and 5.7%, to 121,147 square meters and €121.3m respectively.
Building permits for non-housing projects fell 54% and 48% to 20,613 square metres and €18.9m respectively, Cystat said.
Source: Cyprus Mail