The slowdown of construction activity continued in April 2012, indicating that investment appetite remained subdued compared to last year. The number of construction permits issued in the first five months of 2012 fell by 9.3 percent from the same period in 2011, while construction area authorized by permits (CAP) fell by 12.5 percent. Permits are usually issued six months to a year after a request is filed. For the month of May alone, the number of construction permits decreased by 4.7 percent year-on-year to 1,755 while CAP dropped by 21.7 percent year-on-year to 1.39 million square meters. However, the number of permits issued in May was the highest since October 2011.