Cyprus property transactions plummet

The number of properties sold in Cyprus since the beginning of the year have fallen by 60.7%

3 June 2009

The number of Cyprus property sales recorded in May fell by 53.2%, taking the reduction since the beginning of 2009 to 60.7% year-on-year compared, according to the latest Cyprus Land Registry data.

The greatest fall in property sales was recorded in the areas of Famagusta and Paphos, down 71% and 66% respectively, largely due to a fall in demand from overseas nationals. Things were not much better in Larnaca, Limassol and Nicosia, where property sale contracts fell by 66%, 54% and 55% respectively.