Cyprus Mail

Property sales on the island drop by 46 per cent

Property sales have dropped by almost half this year compared to the same period last year, according to the Cyprus News Agency.
Citing statistics released by the Land Registry, the news agency wrote that property sales island-wide dropped by 46 per cent in the first eight months of 2013, compared to the same period in 2012.
The number of contracts of sale registered in district land registry offices so far this year reached 2,399, compared to 4,434 between January and August 2012.
The biggest drop in sales was recorded in the Famagusta area, where contracts of sale fell from 431 to 148, marking a 65 per cent drop.
Nicosia also saw a massive decrease of 61 per cent, dropping from 1,143 contracts of sale registered in the first eight months of last year to just 446 this year.
In the coastal town of Limassol, sales fell from 1,182 to 616, reflecting a 48 per cent fall, while Larnaca saw a 47 per cent drop, going from 752 to 399.
The least affected by the deepening crisis was Paphos, which only saw a 15 per cent decrease in registered contracts of sale, going from 926 in the first eight months of 2012 to 789 so far this year.
The number of sales made to foreigners in the first eight months of 2013 reached 660 compared to 953 for the same period last year, marking a 31 per cent decrease.

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