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Sales and prices of Larnaca property fall

There has been a decrease in the number of properties sold in Larnaca, Cyprus, over the last few years.

Findings revealed by Leaf Research showed that, between 2007 and 2011, there was a decline in the number of property transactions in the area of 71 per cent. An 80 per cent fall in land sales was also recorded, Cyprus Property News reported.

The results were based on Land Registry data and were compiled by Leaf Research for an analysis scheme called Project RED.

In addition to the number of people who search for real estate in Larnaca falling over the last few years, there has also been a decline in the price of property in the area.

Figures showed that median declared values for apartments and houses have dropped by 20 and 11 per cent respectively since the property peak in 2008.

These results mirror findings released in the Royal Institution of Chartered Surveyors' Cyprus Property Price Index for the last quarter of 2011. It revealed that the price of Cypriot residential real estate dropped by 1.3 per cent from the previous quarter, while apartment values fell by 1.6 per cent during this period.

Article by +James Roberts on behalf of