PROPERTY sales in February fell 12 percent compared to February 2013, a 10 percent improvement on January’s figures which showed a fall of 22 percent compared with the same period last year.
During February a total of 311 contracts for the sale of commercial and residential properties and plots of land were deposited at Land Registry offices across Cyprus; a fall of 12% on the 352 contracts deposited in February 2013.
Of those 311 contracts 74% (230) were deposited on behalf of domestic buyers, while 26% (81) were deposited in favour of overseas buyers.
Sales in Famagusta increased by 20% to reach 18 compared to the 15 sold in February last year, while sales in Nicosia rose 17% to 69 compared to the 59 sold last year. Sales in Limassol went up 15% to reach 95 compared to the 83 sold in February 2013.
But these increases were more than wiped out by falls in Paphos and Larnaca of 38% and 25% respectively.
Although domestic sales in January were down 6% compared with February last year, having fallen to 230 from 245, the fall was much less than the 31% experienced last month; an indication that confidence in the property market and the banking system may be returning.
Nicosia, the capital, experienced the greatest improvement with sales up 33% reaching 61 compared to 46 in February last year, while sales in Limassol rose 16% to reach 73 compared to 63 last year.
However, sales in the mainly tourist areas did not fare so well. Not a single property was sold in Famagusta, while domestic sales in Larnaca and Paphos fell by 37% and 10% respectively.
Sales to the overseas market were down 24% compared with February last year falling to 81 from 107.
Eighteen properties were sold in Famagusta compared with two in February 2013, an increase of 800%. Sales also improved in Larnaca and Limassol, increasing by 23% and 10% respectively.
But sales in Paphos, the area most popular with overseas buyers, fell 71% compared with February last year, while those in Nicosia fell 39%.