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12 Dec 11

Cyprus Slump In Property Sales

It looks like November was the second worst month of the year for overseas property sales with just 103 contracts of sale deposited in favour of overseas buyers at Land Registries throughout Cyprus.

Figures published on Wednesday by the Department of Lands and Surveys reveal the extent of the problem. The number of contracts for the sale of property to foreign buyers during November fell 43% to 103 compared with the 179 contracts in November 2010.

Sales fell in all areas. In Nicosia, just six properties were sold to overseas buyers; a fall of 80% on the thirty sold in November last year. Sales in Larnaca were down 50%, followed by Paphos (-40%), Limassol (-36%) and Famagusta (-4%).

This combined with the recent decision by The Alpha bank to start the process of repossessing homes where the developer hasd gone bust, from clients who may have fully paid their mortgage loans does not look good for the housing market in 2012