Building permits recorded a 27.3 per cent drop during the period January to October 2013, compared to the same period in 2012, data released on Monday by the Cyprus Statistical Service showed.
According to the data, total building permits issued were 4,468 in the period January – October 2013 compared to 6,147 in the same period of the previous year.
The total value of permits issued in that period fell by 28.0 per cent while the total area fell by 29.1 per cent.
Τhe number permits for dwelling units recorded a drop of 28.6 per cent.
Building permits authorised by the municipal authorities and the district administration offices during October 2013 stood at 475.
The total value of these permits reached €113.3 million and a total area 113.100 square metres. They provide for the construction of 354 dwelling units.
Building permits constitute a leading indicator of future activity in the construction sector.