Cypriot construction falls almost 40pc

Photo credit: Eric Parker

The data, published by the Cyprus Statistical Service, shows that the number of building permits issued in October last year was 475, 39 per cent lower than the number issued in October 2012.

The total area covered by the permits also dropped, notes Cyprus Property News: the permits spanned 113,123 square metres, down 11 per cent from 1126,546. The value of the building permits plunged 34 per cent from €172,588 million to €113,257.

The figures confirm a long-term trend in the island's struggling construction sector: across the first 10 months of 2013, 4,468 permits were issued, down 27 per cent on the same period in 2012.