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Cyprus overseas property market recovery faltering

The recovery in Cyprus’ beleaguered overseas property market may be faltering according to the latest figures released by the Department of Lands and Surveys.

ACCORDING to figures released by the Department of Lands and Surveys, just 167 contracts of sale in favour of overseas buyers were deposited at Land Registries throughout Cyprus during July compared to the 250 deposited during July 2009; a fall of more than 33 percent.

These latest figures seem to indicate that the much hoped for recovery in Cyprus’ beleaguered overseas property market could be faltering.

The areas hardest hit by the slowdown during July were Larnaca, where sales were down 61% compared to last year, followed by Paphos – down 49%, Limassol – down 36% and Nicosia – down 19%. But in contrast, property sales in the lower priced area of Famagusta went up by 40% compared to last year.

Overseas property sales so far this year stand at 1,095 compared to the 1,097 sold in 2009 and it now appears possible that total sales for the year may be even lower than last year’s exceptionally low total of just 1,761.

Cyprus overseas property sales - July 2010

Source: Department of Lands and Surveys

A key factor in restoring the confidence of overseas property investors is the long-awaited changes to the Title Deed laws that will hopefully provide increased consumer protection. The Cyprus government failed in its attempt to introduce these changes before the end of the last parliamentary session and plans to clarify and examine them further before seeking Parliamentary approval in October.

Readers' comments

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  • Tom says:

    People are now aware of the situation in Cyprus: it is no longer safe to buy in Cyprus.

    No protection from the Government or the legal system against the dishonesty prevalent in the country.

    Buy somewhere else is the message until Cyprus sorts itself out.

  • paul ruse says:

    I and lots of other people will believe the Cyprus government when they do some thing to clean up the whole of the property market including lawyers. Mean while don’t hold your breath. They have burnt their bridges with the British and are now looking for some other country’s citizens to rob / defraud.

  • Peter says:

    Overseas buyers are now aware that if you buy property in Cyprus you will not get good title to it. You pay up front in full, and still the bank or developer own your home.

    We could have been sitting on a ‘gold-mine’ but greed has destroyed it.

    There is over €5b held in toxic debts by the banks. They and the developers will fall like a pack of cards, and house will be repossessed. Then the EU will have to step in.

    How many months will you give this pack of card? Two, six or ten months, no longer.

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