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

Signs of recovery in overseas sales

AS WE reported last Friday a total of 444 contracts of sale were deposited at Land offices across Cyprus compared with the 485 deposited in November 2011.

Although this is drop of 8 per cent, the number of properties sold to overseas buyers jumped by more than more than two thirds according to Land Registry figures released earlier today.

Overseas property sales

Overall sales in November increased by 69 (67%) compared with the corresponding month last year, with sales up in all districts.

Sales in Paphos stood at 77, up 67% on the 34 sold last year, while sales in Nicosia went up 133% reaching 14 compared to the meagre 6 sold last year.

Larnaca recorded 18 sales, an increase of 50% on the 12 sold last year and Famagusta saw sales increase by 48% reaching 34 compared with the 23 sold last year.

Limassol experienced the lowest increase with 29 properties being sold compared to 28 last year; a rise of 4%.

Cyprus property sales to overseas buyers - November 2012

In the first eleven months of 2012 sales of property to the overseas market stood at 1,304 compared with 1,536 sales during the same period last year; a fall of 232 (-15%).

According to the local media, 50 residence permits have been issued to non-EU nationals since the government introduced the scheme whereby those buying property costing €300,000 or more could seek a permit to stay on the island; the Interior Ministry is considering a further 600 applications.

We have now received reports from two sources that a number of Chinese buyers are already complaining that they were sold properties in Paphos at grossly inflated prices. Developers who have killed one golden egg-laying goose now seem intent on killing another.

Domestic property sales

The decline in domestic sales continued in November with a total of 272 properties sold compared with the 382 sold in November last year; a fall of 29 per cent.

In Limassol, sales fell by 44% (-66), while those in Nicosia fell by 31% (-30). Paphos saw a rise in sales of 7% (+6), while the number sold in Larnaca remained unchanged at 50.

(Note there is a discrepancy in the figures for Famagusta that I expect the Department of Lands and Surveys will correct in due course.)

Cyprus property sales to Cypriot buyers - November 2012

In the first eleven months of 2012 sales of property to the domestic market stood at 4,470 compared with 4,831 sales during the same period last year; a fall of 361 (-8%).