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Weak recovery in overseas property sales continues

The weak recovery in Cyprus’ overseas property market continued during September with sales during the first nine months of the year up by nearly 3 percent on the numbers sold during the first nine months of 2009.

ACCORDING to figures released earlier today by the Department of Lands and Surveys, a total of 180 contracts of sale in favour of overseas buyers were deposited at Land Registries throughout Cyprus in September compared to the 173 deposited in September 2009.

Overseas demand for property is still very poor. And although the market is showing signs of a weak recovery, the number of properties sold to foreign buyers during the first nine months of this year (1,402) is still down by more than 75 percent on the number sold during the same period in 2008 (5,622).

So far this year, Nicosia has performed particularly well with sales up by 50.5% followed by Famagusta, where sales have gone up by 7.4% – and finally Limassol, where sales have increased by 3.2%.

However, sales in the overseas ‘hot spots’ of Paphos and Larnaca are down by 6.8% and 12.4% respectively compared to last year.

Sales of property in Cyprus to overseas buyers

Source: Department of Lands and Surveys

As we reported last month, Chairman of the Estate Agents Association of Cyprus Solomon Kourouklides has stressed the need to find new overseas markets for Cyprus such as China, the Arabic countries and Iran.

The property market could be given a boost by an official two-day visit by the Russian President Dmitry Medvedev to Cyprus this week. A Cyprus-Russia Business Forum is to be held on Thursday which is anticipated to cover many areas of economic cooperation between the two countries including financial services, investments, land development, shipping, commerce and industry.  It has also been reported that that the two governments may sign a double taxation agreement during Mr Medvedev’s visit.

Readers' comments

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  • paul ruse says:

    All very well moaning and complaining but this information needs to be shared with the Russians.

    Some one in Cyprus must know a Russian who will information on who to contact in Russia and spread the word. Don,t buy in Cyprus because of fraud.

    One of my Euro MPs ( Michael Cashman ) has raised the matter with the British High Commission and in my view it only tackles part of the problem it does not yet cover dishonest lawyers or estate agents. He has also written that he will raise the outcome of the Cyprus government with the European Commission.

    Now is the time pile on the pressure , write to your Euro MP. NOW !

  • Ian says:

    Does Cyprus imagine that its’ Deeds problems remain ‘unknown’ to the likes of China, Arabia and Iran….

    C’mon – get real. Their only hope is to find somewhere with a communication blackspot that won’t have heard of the Cyprus scams.

  • Hector says:

    Simple,

    Don’t buy a house that doesn’t have title deeds.

    The toxic debt of developers stands at €billions and it is only a question of time before the banks start repossessing homes.

    There has already been cases of a bank asking the home owner to take on the toxic debt of the developer, with a veiled threat that they have the power to take the house and auction it off.

    Unfortunately that’s exactly what is happening in North Cyprus.

  • Dee says:

    …and they still don’t understand WHY?

    Good job the Russian billionaires are propping up the collapsing market.

  • jim Robertson says:

    Cyprus ought to take a leaf out of Portugal’s market, where on offer are 100% mortgages at an extremely low interest rate 2% as well as discounted properties.

  • Peter says:

    Simple,

    Don’t buy a house that doesn’t have title deeds.

    The toxic debt of developers stands at €billions and it is only a question of time before the banks start repossessing homes.

    There has already been cases of a bank asking the home owner to take on the toxic debt of the developer, with a veiled threat that they have the power to take the house and auction it off.

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