articles | 10 July 2014

Building permits in Cyprus slow down in April 2014

The Statistical Service recently announced that the number of building permits authorised by the municipal authorities and the district administration offices in April 2014 totalled 384, down from 448 recorded in March 2014.

Building permits constitute a leading indicator of future activity in the construction sector, the part of the economy hit most by the credit crunch and austerity measures imposed by the Troika of international lenders last year.

The total value of the April permits reached €56.6 million and the total area 57,300 square metres. These building permits provide for the construction of 254 dwelling units. 

During the period January–April 2014, 1,637 building permits were issued, registering a decrease of 14,1% from 1,905 in the corresponding period of the previous year.

The total value of these permits decreased by 37,1% from €475.7 million to €299.3 million and the total area by 42,1%.

Τhe number of dwelling units recorded a decrease of 52,4%, primarily in rural areas, probably due to the slowdown of tourist homes in the outskirts of Paphos, Larnaca and Limassol and nearby villages, popular among retirees.

Source: Financial Mirror

Cooperation Partners
  • Logo for Invest Cyprus
  • Logo for Cyprus International Businesses Association
  • Logo for Association of Cyprus Banks
  • Logo for Cyprus Chamber of Commerce and Industry
  • Logo for Ministry of Energy, Commerce, Industry and Tourism
  • Logo for Love Cyprus Deputy Ministry of Tourism
  • Logo for Cyprus Shipping Chamber
  • Logo for Cyprus Investment Funds Association
  • Logo for CYFA Cyprus