Property sales in Cyprus fall for ninth consecutive month

Property sales in Cyprus fell for the ninth consecutive month during March and recorded the largest fall over the past 15 months, heightening fears that the crisis in the real estate sector may be worsening.

According to Land Registry figures published earlier today, the number of contracts of sale deposited at Land Registries throughout Cyprus in March was 625 compared with the 792 deposited in March last year; a fall of 21% and the worst monthly drop since October 2009.

Sales fell in all areas. Worst hit was Larnaca, where sales fell 52% followed by Famagusta (-46%), Paphos (-24%), Nicosia (-10%) and Limassol (-8%). During the first quarter of 2011, property sales have fallen to 1,749 from 2,066 during the first quarter of 2010 (-15%) despite last year’s low base.

Source: Cyprus Property News