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Property sales to foreign buyers in sharp decline

Figures published by the Cyprus Land Registry reveal that the number of properties being sold to foreign buyers is in sharp decline.

Figures published recently by the Cyprus Land Registry reveal that the number of properties being sold to foreign buyers is in sharp decline. One report published earlier today was headlined ‘External demand for properties frozen’.

During 2008, 6,636 properties were sold to non-Cypriot buyers compared with the 11,281 sold in 2007. In this respect sales in 2008 were only marginally better than those achieved in 2005, when foreigners bought 6,485 properties.

Paphos is the worst hit area with property sales to foreigners falling to 2,273 in 2008 from 4,971 in 2007. The Famagusta area follows with sales declining to 1,285 from 2,480.

Other areas of the island also recorded falls. Sales to foreign buyers in Nicosia fell to 390 from 483 in 2007. In Larnaca they fell to 1,605 from 1,950 and in Limassol sales fell to 1,083 in 2008 compared to 1,397 in 2007.

Preliminary figures released for 2009 are even more alarming. With just 131 being sold to foreigners during the month of January, Cyprus property sales to non-Cypriots are down 72%.

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