NICOSIA - Property sales in August recorded another fall and the market is expecting a 30% reduction in property prices in the coming years, as a result of the lack of liquidity and the banks not granting loans.
According to data announced by the Land Registry, property sales to locals fell by 9%, from 232 properties in August 2012 to 210 in the same month this year.
Foreign sales suffered even greater losses, reaching a 33.3% fall from 84 in August 2012 to 56 last month.
In July however, property sales to foreigners had increased by 49.3%.
The slump in August sales has seen overall purchases during the first eight months of 2013 dip 46% with 2,399 properties sold down from 4,434 over the same period last year.
In August sales dropped in all towns, with the largest reductions witnessed in Famagusta (65%) and Nicosia (61%). Property sales reached 149 down from 431 last year and 446 down from 1,143 respectively.
Limassol and Larnaca sales were also down by 48% and 47% respectively.
Paphos sales fell by 15%, from 926 properties in August 2012 to 789 in 2013.
Meanwhile, foreign sales have also registered a 31% drop since the beginning of the year compared to 2012, with the number of registered deeds by foreign buyers falling to 660 properties in the first eight months of 2013 from 953 last year.
For the first eight months, the largest drop was recorded in Famagusta (61.5%), followed by Larnaca (39.6%), Nicosia (36.5%) and Limassol (32.6%).
Paphos suffered the least damage due to the increased interest of mainly Chinese investors, recording a smaller 2.2% drop.