Cyprus property deals decline 53% in May

The number of property sale contracts transacted during May 2009 fell by 53.2%, taking the reduction since the beginning of the year to 60.7% year-on-year compared to a year ago, according to the Cyprus Land Registry.
Sales in the free areas of Famagusta and Paphos, which rely on foreigners and holiday homes are down 71% and 66% respectively while in Larnaca the sale reduction is 63%. Things were not much better in Limassol and Nicosia, where property sale contracts fell by 54% and 55% respectively.