Construction in Cyprus decreased by 16%

Construction in Cyprus decreased by 16%

Construction in Cyprus decreased significantly in 2012. The number of permits for the construction of real estate decreased by 15.9% year on year in December 2012, and the total area of these buildings was reduced from 213,916 m2 to 90,437 m2 (-57.7%), reported the Cyprus Property News. In addition, the cost of buildings, under which permits were issued, have down from € 189.3 million to € 124.9 million (-34%).

In 2012, 7,172 building permits has been issued, which is 4.4% less than in 2011 (7,506 permits). Total value of new real estate in Cyprus fell by 21%, and the total area – by 33.4%.