Cyprus property sales down 46% in first 8 months of 2013

Property sales in Cyprus fell by 46% in the first eight months of 2013 compared with the same period of the previous year, data released by the Department of Lands and Surveys show.

During that period, the number of sales documents submitted to all district lands and surveys offices were 2,399 compared with 4,434 in the eight months of 2012.
The District of Famagusta records the greatest drop at 65% in relation to last year. A total of 431 sales documents were submitted compared to 431 in 2012.

Nicosia follows with a 61% drop, Limassol with a 48% drop and Larnaca with a drop of the order of 47%.
Pafos District records the lowest decrease (15%) with a total of 789 different sales documents submitted in the first eight months of this year compared to 926 last year. This is largely due to an increase of 86% in February.

At the same time, property sales to foreign nationals also fell by 30.74% with 660 sales documents submitted compared to 953 at the same period of 2012.
At the same time according to the data, certificates of registration issued for development programmes in the period of April – June show an upward trend. In April 836, titles were issued, in May 1,313 and in June 1,352.

In statements he made to CNA Deputy Director of the Department Vasos Petrides expressed optimism that the upward trend will continue in the next quarter, noting that his department is working intensively in cooperation with other relevant bodies such as local authorities to that effect.