THE dramatic fall in overseas demand for property in Cyprus continued in March with just five properties in Famagusta sold to overseas buyers during the month.
During the first three months of 2012, overseas sales have fallen more than a quarter compared with the corresponding period last year. Of the 563 contracts of sale deposited at Land Registries across Cyprus last month, 129 (23%) were in favour of overseas buyers.
Although both Larnaca and Paphos saw a small increase in sales last month, these were more that offset by falling sales in Famagusta, Nicosia and Limassol.
Domestic demand for property remains subdued with overall sales falling again in March, with just 434 contracts of sale deposited last month compared with the 465 deposited in March last year.
The first three months have seen a 14% rise in sales compared with the same period last year, due to an almost doubling of sales in January.
But there are signs that the decline in sales is getting smaller and sales may be about to reach their worst point.