- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Property market showing signs of recovery

ACCORDING to figures released by the Department of Lands and Surveys, 803 contracts of sale were deposited at Land Registries throughout Cyprus during May, the highest number since July 2009.

Throughout the first five months of 2010 the number of contracts of sale deposited at Land Registries throughout Cyprus amounted to 3,544 compared to 2,838 during the same period last year; an increase of 25%, with Nicosia and Limassol keeping domestic demand at a higher level than last year.

However, last years figures were exceptionally low and overall sales this year are still down by more than 60% on the numbers sold during the same period in 2008.

Total sales of property in Cyprus to May 2010

Source: Department of Lands and Surveys

Overseas sales

THERE are also encouraging signs that the number foreigners buying property is increasing, with the number of contracts deposited at Land Registries on behalf during the first five months of the year up by 7% on the same period in 2009.

Nicosia is doing particularly well with property sales to non-Cypriots up by 92% this year followed by Famagusta, where sales have risen by 10%.

But in the other coastal towns, which are largely dependent on external demand, sales are not doing so well. Sales in Limassol are down 6%, in Larnaca they are down by 4% and in Paphos they are down by 3% compared to last year.

Last years figures were exceptionally low and sales to non-Cypriots this year are still down by almost 80% on the numbers sold during the same period in 2008.

Property sales to non-Cypriots to May 2010

Source: Department of Lands and Surveys