Cyprus property sales down 21 percent in October

The Cyprus property market shrank by 21 per cent in October compared with October 2010 and the number of sales recorded so far this year are down by more that 11% on the number sold in 2009, the year the market collapsed.

Liquidity problems, record levels of unemployment and the huge uncertainty in the market continue to send the Cyprus property market into a tail-spin. With the exception of the suspension/reduction in Property Transfer Fees approved by parliament yesterday, there are still no signs of a recovery.

Sales fell for the 16th consecutive month in October, according to Department of Land and Survey figures published yesterday. The figures reveal that the number of contracts for the sale of property deposited at Land Registry offices throughout Cyprus fell to 565 compared with 714 in October 2010; a drop of 21 per cent.