ACCORDING to the Cyprus Land Registry, the number properties being bought fell dramatically during the first eleven months of 2008. Their figures reveal that the number of property sale contracts transacted between January & November 2008 showed a 27.9% year-on-year reduction, while contracts transacted in November showed a 60.5% year-on-year decline.
Commenting on these figures Marfin Egnatia analysts said that these contract transactions mainly refer to the sale of new property for which Title Deeds have yet to be issued.
These depressing Land Registry figures are a further indication that the decline in Cyprus property market is continuing and that a further slowdown is underway as local economic growth continues to slow.
