LATEST figures from the Department of Lands and Surveys show that a total of 379 contracts to purchase property were deposited at Land Registry offices across Cyprus in December 2013 compared with the 495 deposited in December 2012; a fall of 23%.
Of those 379 contracts 70% (266) were deposited by domestic buyers, while 30% (113) were deposited by overseas buyers.
With the exception of Limassol, where sales increased 18%, sales fell in all other districts:
Paphos was the hardest hit with sales falling 40%, followed by Larnaca where they fell by 39%. Sales in Nicosia were down 30% and those in Famagusta fell 19%.
During 2013, total property sales fell 40% compared with 2012, falling to 3,767 from the 6,269 sold during 2012.
Speaking to Stockwatch, first vice president of the Cyprus Real Estate Agents Association Solomon Kourouklides said that although there is a demand in the market, transactions cannot be completed due to the banks’ tightened lending criteria and high interest rates.
Domestic sales
Domestic sales in December fell 18% compared with December 2012 and although sales in Limassol went up 26%, sales fell in all other districts:
Famagusta fared worse with no zero properties being sold during December. Sales in Nicosia fell 30%, while those in Larnaca and Paphos fell by 26% and 11% respectively.
During 2013, sales to the domestic market fell 43% compared with 2012, falling to a total of 2,750 from the 4,793 sold during 2012.
Overseas sales
Sales to the overseas market fell 34% in December compared with December 2012.
Although sales in Famagusta more than doubled and sales in Limassol maintained the same level as the previous year, sales in Larnaca fell by 70%, while those in Paphos and Nicosia fell by 64% and 28% respectively.
During 2013, sales to the overseas market fell 31% compared with 2012, falling to a total of 1,017 from the 1,476 sold during 2012.