Cyprus property sales remain weak

Wednesday, October 06, 2010

Cyprus property sales remain weak

The Cyprus property market remains weak, with sales to overseas buyers still sluggish, according to figures released by the Department of Lands.

The data shows that 1,402 homes in Cyprus were sold to overseas buyers during the first nine months of this year, down 75 per cent on the 5,622 Cypriot properties sold during the same period in 2008.

Demand for homes in Nicosia has boomed, with sales having increased by 50.5 per cent so far this year, compared to last year. Famagusta property sales have risen by 7.4 per cent, while Limassol home sales are up by 3.2 per cent.

But Paphos and Larnaca property sales are down by 6.8 per cent and 12.4 per cent respectively compared to last year.

The Chairman of the Estate Agents Association of Cyprus Solomon Kourouklides is calling on Cyprus property agents to look to other parts of the world, such as China, for new international buyers.

Traditionally, the majority of foreigners buying properties in Cyprus have been British. However, many Brits have shied away from the market, due to an overvalued Euro currency.

But with Sterling's value improving against the single European currency, and with Cyprus property prices having fallen significantly since the market peak of 2008, now could be a good time to consider buying a home in Cyprus, once more.

To read our guide to buying a property in Cyprus, click here


A Place In The Sun