Property sales in Cyprus fell by 51% in June 2013 compared to June 2012, reports the Land Department of Cyprus. Experts said that the decline was recorded in all regions of the island.
According to the Land Department, in June 2013 267 contracts were recorded in Cyprus, while in June 2012 – 543 transactions. If we consider the fall of the regions, it amounted in Nicosia to 66%, Famagusta - 60%, Larnaca - 55%, Paphos - 44% and Limassol - 34%.
Cyprus Property News claimed that the key factors of the crisis were economic instability, lack of liquidity, high interest rates, record levels of unemployment and uncertainty about the future development of the property market in Cyprus.
The Cyprus Central Bank suggests that housing prices will continue to decline as a result of European Union sanctions and a lack of liquidity.