The number of sales of real estate in Cyprus in May decreased by 53.2% per month. Since the beginning of 2009, the number of sales compared to last year decreased by 60.7%. The most significant decrease in the number of sales in the cities of Famagusta and Pafos, 71% and 66% respectively. The situation is slightly better in Larnaca, Limassol and Nicosia, where the number of contracts was reduced by 66%, 54% and 55% respectively. The decline in purchasing activity is due to the decrease in demand for Cyprus property from foreigners.
