Cypriot real estate market falls

New figures from the Cypriot Land Registry have showed that the slump in the country’s property market shows no signs of abating. The number of sales of Property In Cyprus has fallen for thirteen consecutive months and the number of houses sold fell by almost one quarter between July 2010 and July 2011.

Sales falling and could have ‘huge economic costs’

Cyprus Property News reports that the number of contracts deposited at Land Registries throughout Cyprus in July for the purchase of property fell by almost a quarter between July 2010 and July 2011. There were just 605 contracts deposited in July this year compared to 797 in the same period last year.

Total sales of Property In Cyprus have fallen almost one fifth, from 5,205 in 2010 to 4,182 in 2011. Sales are also down by 7 per cent on 2009 where 4,493 properties were sold between January and July.

Source: HomesGoFast.com