NICOSIA --- There was a 3,5% drop in the number of building permits issued in Cyprus between January - November 2012 compared to the same period in 2011.
According to data from the Statistical Services, the number of building permits authorised by the municipal authorities and the district administration offices during November 2012 stood at 554.
The total value of these permits reached €148,3 million and the total area 143,8 thousand square metres. These building permits provide for the construction of 565 dwelling units.
During the period January – November 2012, 6.701 building permits were issued, registering a decrease of 3,5% compared to the corresponding period of the previous year.
The total value of these permits decreased by 19,6% and the total area by 30,9%. Τhe number of dwelling units recorded a decrease of 33,8%.
Building permits constitute a leading indicator of future activity in the construction sector.