Building permits authorized by the municipal authorities and the district administration offices in January 2016 declined to 356 marking a reduction of 11.8% compared with January 2015.

According to figures released today by the Cyprus Statistical Service, the total value of these permits reached €73.0 million and the total area 69.3 thousand square metres, compared to €75,5 million and 80.4 thousand square metres in the corresponding month of the year before.

These building permits provide for the construction of 243 dwelling units compared to 204 in January 2015. Building permits constitute a leading indicator of future activity in the construction sector.