Amid the financial crisis discouraging new investment, construction activity contracted sharply in 2013 compared to the previous year, according to the latest figures released by the statistical service.
The number of building permits issued by municipal and district authorities between January and November 2013 was 26.2 per cent down compared to the corresponding period in 2012.
A total of 4,947 permits were issued for this period in 2013, compared to 6,701 the previous year.
The total monetary value of these permits was 28.9 per cent lower than for the corresponding period for 2012, and the total surface area was reduced by 30.6 per cent. Permits for residential units dropped by 29.2 per cent.
The number of building permits issued in November 2013 stood at 479, compared to 554 permits for November 2012. The total value of the November permits was calculated at €92.8m, down from €148.26m in November 2012.
Based on the November 2013 permits, it is anticipated that 366 residential units will be built, compared to 565 residential units for November 2012.
According to the statistical service CySTAT, building permits constitute a leading indicator of future activity in the construction sector.