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Monday 19th April 2021
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HomeProperty NewsProperty sales to non-Cypriots improve slightly

Property sales to non-Cypriots improve slightly

ACCORDING to the latest figures from the Cyprus Land Registry 158 contracts of sale were deposited by non-Cypriots at the Land Registries throughout Cyprus in November, compared to 117 in October and 287 in November 2008.

During November, thirty one properties were sold in Nicosia and Larnaca, twenty five in Famagusta, thirty five in Limassol, and thirty six in Paphos.

This year looks like being a disaster for Cyprus’ overseas property market. The hype surrounding the Island’s decision to join the European Union and its subsequent accession helped it achieve record sales to foreign buyers of 11,281 in 2007, more than five times the current forecast for this year.

Cyprus Property Sales to Foreign Buyers – 2008/2009 Comparison
Location Nicosia Famagusta Larnaca Limassol Paphos Total
Month 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009
January 29 8 68 12 142 26 63 34 189 51 491 131
February 61 15 107 18 147 28 83 41 246 58 644 160
March 45 6 110 16 157 17 114 25 198 41 624 105
April 36 13 140 20 171 18 99 36 207 35 653 122
May 44 19 157 12 171 23 109 31 246 43 727 128
June 25 15 170 52 178 29 140 40 196 65 709 201
July 43 37 167 30 156 41 122 52 216 90 704 250
August 19 10 94 4 140 29 76 20 167 30 496 93
September 28 28 79 26 139 23 104 36 224 60 574 173
October 26 22 108 16 105 19 83 27 174 33 496 117
November 22 31 34 25 48 31 57 35 126 36 287 158
Total Sales 378 204 1234 231 1554 284 1050 377 2189 542 6405 1638
% Change -46% -81% -82% -64% -75% -74%

Property Sales to Non-Cypriots (Source: Cyprus Land Registry)

Buyers from the UK make up around half of the foreigners buying property. But the economic situation at home, the Sterling/Euro exchange rate and numerous media reports about the problems with developers’ mortgages and Title Deeds have deterred many of them from buying property on the island.

At the present time Cyprus is littered with thousands of unsold holiday homes, apartments and houses. Many part-completed developments, particularly those in the once popular tourist areas, have been mothballed because no-one is buying.

The collapse of the market helped to push Cyprus into recession earlier in the year; a situation that is proving to be a major headache for the Government’s finances and the island’s economy.

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