13 February 2014 14:34

Property sales have fallen further with Land Registry figures showing an average 22% drop in sales in January compared to the same period in 2013.
Larnaca and Nicosia were the exception, both showing an increase in spite of data on sales throughout 2013 indicating it was the worst year for property sales since records began.
According to the figures, the worst-hit town was Paphos with a 48% decrease from 178 to just 93 properties sold.
In the Famagusta district there was an 18% drop and in the Limassol district a fall of 15%
However, in Larnaca, sales increased significantly by 49% when comparing January 2013 to January 2014, rising from 35 to 52 sales.
Nicosia showed a 9% increase.
During 2013, property sales fell by 40% compared to 2012, from 6,269 properties to 3,767.
The property and construction sector have been particularly hit by the ongoing financial crisis with contractors earlier this year meeting with President Nicos Anastasiades in a plea for help to save the industry.


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