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|
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.