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Property sales in Cyprus fell in 2009

Although the number of properties sold in Cyprus during December 2009 showed an overall improvement on the number sold during December 2008, total property sales over the year fell.

ACCORDING to the latest figures from the Cyprus Land Registry, there was a modest increase in the number of properties sold during December last year compared to December 2008.

Overall, 763 contracts of sale were deposited at Land Registries throughout Cyprus in December 2009, compared to 792 in the previous month and 624 in December 2008. December is traditionally the quietest month of the year for property sales.

Total sales for the year were 8,170 compared to total sales of 14,667 in 2008, 21,255 in 2007 and 16,953 in 2006.

Over the year, Nicosia suffered the least from the slump with property sales falling by 31%, followed by Limassol where sales fell by 38%.

Worst hit areas are those favoured by foreign buyers – sales in Larnaca fell back by 49%, Paphos by 52%; worst hit of all was Famagusta where sales fell by 56% compared to 2008.

Number of Properties Sales – 2008/2009 Comparison
LocationNicosiaFamagustaLarnacaLimassolPaphosTotal
Month200820092008200920082009200820092008200920082009
January3671011873734577301152415911615458
February349161269523121123451323061011581558
March36516214249229973171602731121326580
April296162143712961223101262911221336603
May325184216682821342681462751071366639
June298188166822891522971893361421386753
July3302542251142661413692143521791542902
August15517312864165135236148252122936642
September238235196832411132331742491521157757
October228195128882111142351822141441016723
November1782218292128134197191197154782792
December12719911381123138132193129152624763
Total Sales325622351995881288714693240200732891578146678170
% Change-31%-56%-49%-38%-52%-44%

Cyprus Property Sales in 2009 (Source: Cyprus Land Registry)

However, to end on a more positive note it is encouraging to see the number of properties being sold improving marginally over the past two months of the year.

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