| The number of new building permits dropped in Q1 2012 after four consecutive quarters of growth in 2011, statistics office data showed. Totally 1,917 projects received building permits in Q1, down by 1.3% y/y on the year compared to a 21.7% y/y increase in Q4 2011. The number of permits for residential buildings, which fell in each quarter since Q4 2007 until mid-2011, returned to decline again (8.7% y/y in Q1) after rising by 3.6% y/y in Q4 and 1.8% y/y in Q3. Only the permits for other buildings (for production, trade and other purposes) went up in Q1 2012 - by 6.3% y/y. The building permits for administrative buildings declined by 5.4% y/y. The planned construction area approved by authorities decreased by 23.4% y/y with negative contribution from all its components. |
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