Cyprus property sale contracts decline

The number of property sale contracts transacted during the period January – November 2008 showed a 27.9% year-on-year reduction while contract sales in November showed 60.5% YoY decline according to data issued by the Land Registry Department.
Marfin Egnatia analysts said in a commentary that property sale contracts illustrate the activity recorded in the property market as such contracts primarily refer to new property without an ownership title. This is a further indication that the property market in Cyprus exhibits signs of significant fatigue and that further slowdown is underway as the local economic growth cuts pace.