Cyprus property sale contracts decline 52.3%

Cyprus property sale contracts recorded a sharp 52.3% decline in March according to data issued by the Land Registry Department. In January and February, Cyprus property sales had suffered declines of 72% and 65% YoY reductions respectively. During March, a decline in the number of property sale contracts by foreigners from 160 in February to 105 in March 2009 was recorded. For the time being, data indicate a significantly deteriorating environment in the construction and property markets weighing on local economic activity for 2009.