Property sales improved in January 2010

ACCORDING to figures published this morning by the Cyprus Department of Lands and Surveys, there was a 24% increase in the number of properties sold last month compared to the number sold in the corresponding month last year.

Overall, 570 contracts of sale were deposited at Land Registries throughout Cyprus in January 2010, compared to 458 in January 2009. Unfortunately, the Land Registry figures do not identify the ‘type’ of property that was sold and so this number will include sales of retail, warehouse, office property and land as well as apartments and houses.

Some property developers have been offering discounts of up to 30% on a number of their completed and near-completed projects in attempts to attract buyers and British expatriates have been selling their homes at realistic prices and returning to the UK.

Although they have improved on last year, the January 2010 sales figures are some 65% below those achieved January 2008.

Cyprus property sales - January 2010 comparison chart

Speaking to StockWatch, President of the Cyprus Real Estate Agents’ Association Solomon Kourouklides said that signs of an improvement are still confused. “The latest increase is attributable to the opportunities in the market. Many Cypriot individuals and investors have bought properties from non-Cypriots or Cypriots who cannot pay off their loans. But these opportunities will run out”.

He added “If the economic parameters remain the same, we believe that the market will remain at the save level as in 2009, while there is a possibility of a slight deterioration”.