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Building permits down 29%

05/09/2011 12:30
The developers’ interest in new investments in the construction sector slumped as demand remains low and there are no signs of recovery.

According to Cystat data released on Monday, the area of the licensed projects in January – June 2011 dropped 29.3% to 1.2 million sq. meters from 1.7 million sq. meters in the corresponding period of 2010.

The highest decline of 37.8% is observed in Limassol, where the area of the licensed projects fell to 273.1 thousand sq. meters from 438.8 thousand sq. meters last year.

A decline of 32.3% has been registered in Nicosia to 407.7 thousand sq. meters from 602.6 thousand sq. meters last year.

Similarly, the drop in Larnaca was of 25.1% to 217.7 thousand sq. meters from 290.8 thousand sq. meters last year.

In Paphos, the area dropped 16.2% to 181.8 thousand sq. meters against 217 thousand sq. meters. The slightest increase of 14.1% was observed in free Famagusta.

During the period January – June 2011, 4.024 building permits were issued, registering a decrease of 12,9% compared to the corresponding period of the previous year. They were 4619 last year.

The value of permits dropped 24.6% to €1,081.7 million from €1,435.3 million in the corresponding period of 2010.

These building permits provide for the construction of 4883 dwellings against 8445 last year (-42.2%).