FIGURES released this morning by the Department of Lands and Surveys show that a total of 8,170 contracts of sale were deposited at Land Registry offices throughout the Island during 2010 compared with the 8,598 contracts deposited during 2009.
June was the best month for sales when 864 contacts being deposited; the worst was August with a mere 554.
The largest increase was in Nicosia, where sales increased by 13.5% over the year. Nicosia was followed by Limassol where sales increased by 9.7% and Paphos, where sales were up 2.8% compared with 2009.
However, sales in Larnaca fell by 5.4% and those in Famagusta fell by 3.7%.
After a promising start to the year with sales improving on last years figures, property sales declined for six consecutive months between July and December.
Many believe that this downward trend will continue and that the outlook is bleak for property developers and other companies involved in real estate who will continue to struggle in the year ahead.
Lakis Tofarides, the president of the Cyprus Land & Building Developers’ Association was reported as saying “The real estate sector saw a small light at the end of the tunnel in Nicosia and Limassol,” and that “The problem will continue unless the government adopts the necessary measures to help the industry recover.”