Cyprus new homes in decline

During the ten month period January – October 2014, 4,180 building permits were issued, registering a decline of 6.4% compared to the same period of 2013, data showed recently.

The total value of these permits decreased 26.9% while the total area fell 28.3% providing for 32.9% fewer dwelling units.

The total value of those permits was €715.4 million down from €978.8m in 2013.

The Statistical Service said that the number of building permits authorised by local authorities during October alone stood at 466.

The total value of these permits reached €74.1 million and the total area covered was 70,100 square metres. These building permits provide for the construction of 271 homes.

Building permits constitute a leading indicator of future activity in the construction sector.

Source: InCyprus