ACCORDING to Land Registry figures published earlier today, the number of contracts of sale deposited at Land Registries throughout Cyprus in March was 625 compared with the 792 deposited in March last year; a fall of 21% and the worst monthly drop since October 2009.
Sales fell in all areas. Worst hit was Larnaca, where sales fell 52% followed by Famagusta (-46%), Paphos (-24%), Nicosia (-10%) and Limassol (-8%).
During the first quarter of 2011, property sales have fallen to 1,749 from 2,066 during the first quarter of 2010 (-15%) despite last year’s low base.
In a statement to Stockwatch, property valuer Polys Kourousides said that the downward trend will continue in the next few months and until prices drop, emphasising that “prices must be cut to increase sales due to the lower liquidity and the lack of interest on behalf of the investors”.
Property sales to foreign buyers also fell in March with a total of 160 contacts in favour of foreigners being deposited compared with 169 in March 2010; a fall of 5%.
Compared to March last year, sales increased in Nicosia (+15%), Larnaca (+13%) and Limassol (+11%), but these increases were outweighed by a drop in sales in the coastal towns of Paphos and Famagusta, where they fell by 25% and 20% respectively.