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Construction of new homes in Cyprus slows

There has been a significant drop in the number of new homes being built in Cyprus, new figures show.

According to data published by the Cyprus Statistical Service, in April the number of building permit applications for this type of dwelling was down by 39 per cent compared to the same period last year, Cyprus Property News reported.

This appears to be an ongoing pattern, although the April figures were an improvement over March, when the number of residential property building permits dropped by 57.7 per cent year-on-year.

Looking at the figures for all building permits in the country - residential and commercial - the news provider noted the size of the plots being used for construction fell and the value of the land also declined.

Earlier this month, the publication revealed the number of Cypriot real estate sales dropped by eight per cent in June, compared to the same period in 2011.

However, the news agency pointed out that in the first half of 2012, transactions were up by four per cent annually, although it suggested this could be attributed to the temporary reduction in property transfer fees that concluded at the end of May.
Article by +Steve Binge on behalf of