Data released by the Czech Statistical Office (CSU) has revealed that construction of new residential properties has continued to decline throughout Q3 2009.

The construction of new homes and apartments fell by -5.7% in comparison with Q3 2008 to 11,234 dwellings, however this is an improvement on Q2 where it dropped by -21.2% compared to Q2 2008, according to CSU.

New family houses which started construction represented 5,291 dwellings, but this was a decline of almost a fifth compared to Q3 2008. Separately, 8,720 dwellings were completed in the third quarter, a decline of -8.8%.

The planning and building control authorities granted -9.6% less building permits in Q3 2009 than in Q3 2008. With construction orders down by over a quarter, banks continue to be careful in lending money to builders for new projects, stated Václav Matyá