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29th March 2024
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HomeNewsProperty sales in Cyprus fell in 2009

Property sales in Cyprus fell in 2009

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
Location Nicosia Famagusta Larnaca Limassol Paphos Total
Month 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009
January 367 101 187 37 345 77 301 152 415 91 1615 458
February 349 161 269 52 312 112 345 132 306 101 1581 558
March 365 162 142 49 229 97 317 160 273 112 1326 580
April 296 162 143 71 296 122 310 126 291 122 1336 603
May 325 184 216 68 282 134 268 146 275 107 1366 639
June 298 188 166 82 289 152 297 189 336 142 1386 753
July 330 254 225 114 266 141 369 214 352 179 1542 902
August 155 173 128 64 165 135 236 148 252 122 936 642
September 238 235 196 83 241 113 233 174 249 152 1157 757
October 228 195 128 88 211 114 235 182 214 144 1016 723
November 178 221 82 92 128 134 197 191 197 154 782 792
December 127 199 113 81 123 138 132 193 129 152 624 763
Total Sales 3256 2235 1995 881 2887 1469 3240 2007 3289 1578 14667 8170
% 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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