articles | 14 June 2013

Building permits in Cyprus down by 30% at 1Q 2013

Building permits were down by 30% at the first quarter of 2013 compared to the same period of 2012, Cyprus Statistical Service data published on Wednesday show.

The number of building permits authorized by the municipal authorities and the district administration offices in March 2013 stood at 428. The total value of these permits reached €82.4 million and a total area of 87.3 thousand square metres. These building permits provide for the construction of 303 dwellings.

The Statistical Service data show that during the period January–March 2013, 1,397 building permits were issued, registering a decrease of 30% compared to the corresponding period of the previous year. The total value of these permits was down by 5.3%, the total area by 13.2% whilst the total number of dwellings by 7.0%. Building permits constitute a leading indicator of future activity in the construction sector, the Statistical Service says.

Source: Financial Mirror

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