ALTHOUGH the figures point to a sharp decline in activity in the property sector, property sales during June staged a slight recovery, boosting expectations amongst some analysts that a slow recovery in the property market may soon get underway.
In a statement to StockWatch, Chairman of the Pancyprian Association of Building Contractors Sotos Lois said that Cypriots are grabbing opportunities to buy apartments and houses in seaside areas, which are being offered for sale at attractive prices. The slight recovery in sales is also linked to lower interest rates for housing loans being offered to Cypriots, especially young couples.
According to the contracts of sale deposited at the Land Registry, the drop in activity in the property sector in June fell slightly to 45.7% compared to -53.2% in May, -54.9% in April, -56.33% in March, -64.7% in February and -71.6% in January.
Overall, the total number of property sales in the first half of this year stands at 3,591. This is 58% lower than the 8,610 sold during the first half of 2008.