House building declines in 2014

During the seven-month period January – July, 2014, some 3,009 building permits were issued, registering a decrease of 6.6% compared to the same period of 2013, official data showed recently.

The total value of these permits plunged 30.3% and the total area covered shrank by 31.6% and the number of dwelling units recorded a decrease of 40.8%. Larnaca and the Famagusta districts saw the biggest falls in land acquired for house building purposes.

The Statistical Service said that the number of building permits authorised by local authorities in July 2014 stood at 449.

The total value of these permits reached €82.5 million and the total area covered was 64,100 square metres. These building permits provided for the construction of 196 dwelling units.

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

Source: InCyprus

Cyprus Profile

articles | 15 October 2014