ACCORDING to Cyprus Land Registry figures, the number of contracts for the sale of property fell by almost 55% in April this year compared to last. This follows the earlier reported 65% fall in January, February and March of this year compared to the same period in 2008.
Although the areas most hit by the decline are Paphos, Larnaca and Famagusta, which are highly dependent on sales to overseas buyers, Nicosia and Limassol have also been affected.
The Land Registry figures confirm the considerable decline in the once booming Cyprus property sector and corresponds with similar falls in government tax receipts from property sales and new loans provided by the commercial banks.
