Cypriot property sales slide 44pc

Cypriot property sales have plummeted 44 per cent in the first 10 months of 2013, according to new figures.

Data from the Department of Lands and Surveys show that 310 contracts for sale were deposited in October 2013, compared to 454 deposited in October 2012, a decline of 32 per cent. Three quarters of those (77 per cent) were by domestic buyers, while overseas buyers made up the remaining quarter (23 per cent). With just 71 sales recorded to international buyers, demand has slumped 30 per cent year-on-year, reports Cyprus Property News.

Indeed, with sales falling in all districts, the impact of the island’s economy, high unemployment rates and the ongoing Title Deed issues has left transactions tumbling. The total number of sales in the first 10 months of the year totalled 2,994, a fall of 44 per cent compared to 5,330 in the same period last year.