Real estate: Cyprus; market demand falls, 49% drop in March
(ANSAmed) NICOSIA, MAY 16 - Doom and gloom continues to settle deeper into the Cyprus' housing market with little sign of improvement, as Famagusta Gazette reports. Domestic demand in the property market recorded a decrease after a Eurogroup decision on Cyprus last March and restrictions imposed on transactions which followed. According to the Republic's Land Registry Office, the decrease was recorded in all cities except the western coastal town of Pafos, which appears to benefit from the interest of foreign investors, mainly Russians and Chinese.
Sale deeds submitted in April 2013 stood at 285 compared to 461 in April last year, thus recording an annual decrease of 38%. In March, the decrease was at 49%. The largest decreases were recorded in Nicosia (-65%), Famagusta (-61%), Limassol 54% and Larnaka 42%. Data for Pafos show an increase of 6%.
Sale deeds submitted in April 2013 stood at 285 compared to 461 in April last year, thus recording an annual decrease of 38%. In March, the decrease was at 49%. The largest decreases were recorded in Nicosia (-65%), Famagusta (-61%), Limassol 54% and Larnaka 42%. Data for Pafos show an increase of 6%.
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