THE NUMBER of properties sold in Cyprus during March fell to the lowest monthly figure since records began with sales plummeting in all districts.
According to Department of Lands & Survey figures published today, a total of 286 contracts of sale were deposited in Land Registry offices across the island compared with the 563 deposited in March 2012; an annual decline of 49%.
Of those 563 contracts, 214 (75%) were in favour of domestic buyers and 72 (25%) were in favour of overseas buyers.
During the first quarter of 2013 a total of 1,013 properties have been sold, down 45% on the 1,852 sold during the same period last year.
Domestic sales
Domestic sales in March declined by 51%, falling to 214 from the 434 sold in the same month last year.
Apart from Paphos, where the number of sales increased by 16% (up from 28 in 2012 to 44 in 2013), sales in all the other areas fell.
Sales in Famagusta fell by 79% and sales in Limassol were down 74%. Sales in Nicosia declined 48%, while sales in Larnaca dropped by 31%.
During the first quarter of the year domestic sales have fallen 49% compared with the same period last year,
Overseas sales
Despite the anticipated demand from Chinese investors, overall sales to the overseas market declined 44%, falling to a mere 72 compared with the 129 sold in March last year.
Apart from Famagusta, where the number of properties sold increased by 2 (+40%), sales were down in all the other areas.
Nicosia was hardest hit with 22 fewer properties being sold (-84%). Sales in Larnaca fell by 15 (-68%), while in Limassol 10 fewer properties were sold (-42%) and sales in Paphos fell by 12 (-23%).
During the first quarter of the 2013 overseas sales have fallen 45% compared with the same period last year.