The number of Building permits dropped by 8,2% from January to May, 2014, compared to the corresponding period in 2013, the Cyprus` Statistical Service said on Wednesday.

In particular it was announced that during the period January – May 2014, 2.097 building permits were issued, the total value of which decreased by 38,0% and the total area by 37,5%.

The number of dwelling units recorded a decrease of 48,8%.

The Statistical Service also announced that the number of building permits authorized by the municipal authorities and the district administration offices last May stood at 460.

It said the total value of these permits, which provide for the construction of 223 dwelling units, reached €62,5 million and the total area 66,8 thousand square metres.

Building permits constitute a leading indicator of future activity in the construction sector.