Business

Little joy for property sector in December

Property sales took a battering in December, plunging 48% over the previous month and restricting the annual increase for the sector to 6%., InBusiness reported on Monday.

The biggest drop was in the free Famagusta district with 73%, followed by Nicosia with 57%, Limassol with 45% and Larnaca with 43%. Paphos recorded a 34% drop in December.

On an annual basis, Nicosia recorded an increase of 10%, Limassol of 8% and Paphos of 5%. The annual increase for free Famagusta was 2% while Larnaca was unchanged.

There was a significant drop in the number of properties for which sales contracts were deposited at the Department of Land and Surveys by foreign, non-EU buyers. These fell by 25% from 285 in November to 215 in December.

Buyers from EU countries recorded a smaller drop, falling from 143 in November to 135 in December.

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