Cyprus property sales slump 55% in April

The number of property sale contracts in April fell 54.9% Year-on-Year according to the Cyprus Land Registry Department. This follows the 64.7% reduction in the number of property sale contracts in the first quarter of 2009.
Sales in Paphos, Larnaca and free areas of Famagusta were affected the most due to their dependence on sales to non-residents. However, Limassol and Nicosia did not remain unaffected. The data confirms the steep decline in the once booming construction-property development sectors and is in line with a massive decline in tax collection by the government from property deals and a steep decline in new loans provided by the commercial banks.