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Property sales continue fall in February

February 2011 saw a further drop in property sales in Cyprus compared with the same period last year, with the number of properties sold down by 14 percent.

ACCORDING to Land Registry figures published earlier today, the number of contracts of sale deposited at Land Registries throughout Cyprus during February was 602 compared with 704 in February 2010; a fall of 14%.

Sales fell in most of the seaside towns and Nicosia: Famagusta (-47%), Larnaca (-41%), Paphos (-7%) and Nicosia (-3%).

On a more positive note, sales of property in Limassol increased by 7%. And after seven successive months of falling sales, the number of properties sold during February rose compared with the numbers sold during January.

Total numbers of properties sold in Cyprus - February 2011

Source: Department of Lands and Surveys

Speaking to the Cyprus Mail earlier this week RICS (Cyprus) board member Pavlos Loizou said: “The market is characterised by low investment demand, and steady demand for home owner occupation,” adding that “The fiscal and political climate is very unstable to create a market to invest and we expect that the next six months will prove significant on how the foreseeable future of the local market pans out, both in terms of overseas demand but also whether the rumoured ‘savings’ in the government sector are implemented and how these will impact the property sector.”

Overseas sales

Property sales to foreign buyers fell in February with a total of 141 contacts in favour of foreigners being deposited compared with 146 in February 2010; a fall of 3%.

Compared to February last year, sales increased in Paphos (+50%), Nicosia (+15%) and Larnaca (+10%), but sales in other areas fell; Famagusta (-69%) and Limassol (-18%).

Sales of property in Cyprus to foreign buyers - February 2011

Source: Department of Lands and Surveys

Readers' comments

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  • Alex says:

    It seems this year the volume of sales will be between that of 2009 and 2010 with annual total of ca. 8,400.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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