Cyprus Property News
Cyprus | Posted:

Building Permits fell dramatically

The Statistical Service announced that the number of permits issued by municipalities and the district administration offices during February 2012 were just 633.

The total value of these permits reached € 135,8 million and the total area 141.4 thousand square meters. These building permits provide for the construction of 630 residential units.During the period January - February 2012 the government issued 1,188 building permits, a decrease of 11.1% over the corresponding period last year.

The total value of these permits decreased by 25.7% and the total area by 27.8%. The number of dwelling units recorded a decrease of 36.5%.Building permits constitute a leading indicator of future activity in the construction sector.