Cyprus property sales slump slows

DEPARTMENT of Lands and Surveys published yesterday show that the number of contracts for the sale of property deposited at Land Registries throughout Cyprus in August fell for the fourteenth consecutive month.

However, the 4.9% fall in sales is the smallest for almost a year giving hope that the devastating decline may soon be coming to an end. Last month 527 contracts were deposited compared with the 554 deposited in August 2010.

Limassol performed well, with sales up 25.5%. Larnaca also saw an increase, with the number of sales rising by 2.6%. But sales in Nicosia, the capital, fell by 22.5%, while those in Famagusta fell by 21.4% and those in Paphos fell by 15.8%.

Total sales during the first eight months of this year stand at 4,709, a decline of 18.2% on the 5,759 sold in the first eight months last year. Sales are now down more than 8% on those of 2009; the year the market collapsed.

Source: Cyprus-Property-Buyers.com