Cyprus property sales slide by 40pc

Sales of Cyprus properties slid by 40pc in August, according to official figures. Indeed, the number of contracts deposited at the country's Land Registry last month fell to just 316 compared to 527 last year.

The latest drop in transactions follows news that Chinese buyers were entering the island's struggling market, helping to drive up activity. But out of the 316 deals registered, only 27 per cent involved overseas buyers. Indeed, the level of activity in August actually marked a record low demand for property in Cyprus.

For domestic investors, the number of property sales fell by 46 per cent compared to August 2011, with drops particularly severe in Limassol, Nicosia and Famagusta. Sales of Cypriot real estate to local buyers are now at their lowest level since 2000, when Land Registry records began.

International transactions fared slightly better, dropping by a less dramatic 15 per cent. In Famagusta, for example, overseas property sales actually increased by 37 per cent, while Limassol saw transactions rise by 28 per cent. Nicosia and Larnaca held down the national average, though, with deals dropping by 57 per cent and 41 per cent respectively.

Across the first eight months of the year, overseas sales reached a total of 953, 20 per cent lower than the 1,197 sales racked up in the same period of 2011.

(via Cyprus Property News)