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Latest property sale figures for Cyprus

The beleaguered Cyprus property market has received some encouraging news from the Government’s Lands and Surveys Department with the publication of its property sale figures for February 2010.

ACCORDING to the Lands and Surveys Department figures issued yesterday, 704 contracts of sale were deposited at Land Registries throughout Cyprus during February 2010; an increase of nearly 30% on the 558 contract deposited during February 2009.

In the first two months of this year, 1274 contracts were deposited and their overall numbers are up 27% compared to last year.

However, although these figures are encouraging, they are still down by almost 60% on the 2008 figures and it is unclear whether the increase has been driven by domestic or foreign demand. (The Department should be publishing the number of sales to foreign buyers in the next few days).

Sales of property in Cyprus February 2010

Property Sales (Source: Department of Lands and Surveys)

In efforts to stimulate sales developers in some areas have been offering discounts of up to 30% and other sales incentives, but these will soon run out according to Solomon Kourouklides, president of the Cyprus Real Estate Agents’ Association.

Speaking to Stockwatch last month, Mr Kourouklides said that signs of an improvement were 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”. Adding that “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”.

Readers' comments

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  • Simon says:

    Thanks for this Nigel, but at what euro value did these sales transact act?
    Why are RICS not using this data to compile their indices instead of using surveyors to conjure up hypothetical numbers?

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