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One third fewer homes in 2012

The slowdown in the islands construction sector continued in December, according to figures released by the Cyprus Statistical Service, with new home construction falling a third in 2012.

The declining Cyprus property market

Further details on the declining Cyprus property market were revealed today in new statistics published by the Department of Lands and Surveys showing that the number of overseas buyers continues to fall.

Domestic sales tumble

Sales of property in Cyprus to the domestic market during December fell more than 40 per cent compared with December 2011, while sales over the year were at their lowest level this century.

Why aren’t prices falling as much as they should?

The short answer to this interesting question is that property prices tend to be “sticky” on the way down as a lower sales price can often be dismissed as being uncharacteristic of the market.

Construction sector investment retreats

The reduction of investment in the island’s construction sector continued in September increasing the uncertainty about its outlook as there are no prospects of a recovery in the foreseeable future.

Construction sector continues to deteriorate

The island’s construction industry is suffering from the impact of the economic crisis and lack of liquidity as the number of building permits continue to fall with no signs of a recovery on the horizon.

Property sales down 40 per cent

There is still no end in sight to the catastrophic downturn in the Cyprus housing market with real estate sales during August plummeting 40 per cent to reach a new all-time monthly low.

Property sales plunge to new depths

The number of properties sold in Cyprus in July plunged to new depths, with the number of contracts of sale deposited at Land Registry offices down more than 30 percent compared to July 2011.

Nicosia and Limassol home price falls accelerating

Property prices in Paphos and Famagusta have been falling for years, while prices started to fall in Nicosia and Limassol six months ago and the rate at which they are dropping is accelerating.

Construction production index plummets

Conditions in the island’s construction industry have worsened dramatically in recent times, with production in the first quarter of the year shrinking at the highest rate since records began.

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