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Cypriot property sales plummet by almost half

Cypriot property sales have plummeted by almost 50 per cent in the first eight months of 2013. Research from the Department of Lands and Surveys showed that between January and the end of August, transactions dropped by 46 per cent compared to the same period of the previous year, the Famagusta Gazette reported. Just 2,399 sales documents were submitted to all district lands and surveys offices during the time - considerably lower than the 4,434 documents recorded in the first eight months of 2012.

Sales contracted at their greatest level in the district of Famagusta, with a 65 per cent decline and just 431 sales documents submitted. Conversely, during the same period in 2012 431 sales documents were noted by authorities.  Nicosia wasn't far behind with a 61 per cent decline, followed by Limassol (-48 per cent) and Larnaca (-47 per cent), the newspaper revealed.

The Paphos district performed the best, with just a 15 per cent fall and a total of 789 different sales documents submitted. This is compared to the 926 recorded last year. The strong performance of Paphos is likely down to a strong February, when sales increased by 86 per cent.

Meanwhile, overseas activity in the Cypriot property market is declining, the Famagusta Gazette noted. Sales to foreign nationals fell by 30.74 per cent in the first eight months of the year, down to just 660 nationwide. This is compared to the 953 recorded during the same time frame in 2012. However, certificates of registration for development programmes increased between April and June, showing an upward trend that is hoped to continue into the future.

Nevertheless, these figures come off the back of a weak 12 months. Data from the Department of Lands and Surveys showed that over the year from June 2012 to the final month of Q2, sales fell by 51 per cent, thanks to continued economic instability, Cypriot Property News reported. The market is continuing to suffer from a lack of liquidity and barriers to finance, while domestically record unemployment is preventing activity.
Article by +James Roberts on behalf of Propertyshowrooms.com