FIGURES released by the Land Registry on Wednesday show that property sales fell for the fourth consecutive month compared to last year, heightening fears of a much longer recession in the Island’s property market than was anticipated earlier in the year.
According to the Land Registry figures, the number of contracts of sale deposited at Land Registries throughout Cyprus in October was 714 compared to 687 in September and 723 in October 2009.
Last month, sales fell in all towns with the exception of Nicosia, which recorded an increase of 15.4%. In Famagusta, sales were down by 26% compared to last year, in Limassol they were down 6%, in Larnaca sales were down 4%, while in Paphos they were down 1%.
During the first half of the year, analysts were hopeful of a rapid recovery in the property market as sales had increased by 23%. However, the decline in sales during the past four months has reduced annual growth this year to just 8%.
If this slowdown continues until the end of this year it seems probable that the total number of sales will be only be marginally better than those achieved 2009, which was the poorest year for sales on record since 2002.
Nationally, the number of properties sold during the first 10 months of 2010 was 7,160. This compares to the 6,615 sold during the same period last year and the 13,261 sold during the first 10 months of 2008.
Unemployment levels in Cyprus are now at a 10 year high having reached a reported 20,846. Nearly a quarter of those who have lost their jobs were employed in real estate and construction related activities.