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Property sales for February show that the plunge in the market is ‘slowing down’ despite being worse than last year.

According to data released by the Land Registry, property sales in February marked a 12% reduction compared to 2013, with 311 properties sold down from 352 in the same month last year.

However, the situation has improved in comparison to January when the reduction came to 22%.

Property experts say the reduction in demand is gradually slowing down, as confidence in the real estate sector is regained, while prices have dropped which increases foreign interest.

Nevertheless, local interest remains at low ebb due to the lack of liquidity and the difficulty in secure finances from troubled banks.

However, the negative atmosphere is expected to change as the situation with the banking sector improves and some foreign investments are completed.Most towns except for Larnaca and Paphos recorded an increase in the second month of 2014, although total sales for the January-February period dropped by 17% to 604 properties down from 727 last year.

The biggest drop was recorded in Paphos, with deeds dropping to 172 from 306, or 44%, followed by 3% in Famagusta and 1% in Limassol. On the other hand, Nicosia marked a 13% rise from 119 up from 105 in 2013, while Larnaca sales have remained the same as last year.