Prop­erty deals drop 26% in May

Financial Mirror (Cyprus) - - FRONT PAGE -

The num­ber of prop­erty trans­ac­tions fell by a quar­ter to 405 deals in May, com­pared to 511 year on year, ac­cord­ing to data from the Lands and Sur­veys depart­ment.

The drop, the first since Novem­ber last year, oc­curred through­out Cyprus, the depart­ment said.

How­ever, the to­tal num­ber of prop­erty trans­ac­tions in the first five months of the year rose 4% to 1,884 com­pared to 1,810 in Jan­uary-May last year.

In May, prop­erty trans­ac­tions fell 26% in Nicosia, -17% in Li­mas­sol, Lar­naca, -35% in Paphos and -55% in Fa­m­a­gusta.

Of the 405 con­tracts in May, 61% were do­mes­tic over­seas buy­ers.

Dur­ing the first five months of 2015, prop­erty sales to the do­mes­tic mar­ket have risen 65, while sales to the over­seas mar­ket are up just 0.2%.

-12% in

buy­ers, while 36% were

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