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Domestic property sales improve

Although the recovery in Cyprus’ beleaguered overseas property market appears to be faltering, domestic sales are strong with growth so far this year in double-digits.

ACCORDING to the latest figures published by the Department of Lands and Surveys, domestic sales of property in Cyprus during the first seven months of this year increased by 21% over the same period in 2009; in contrast with the 0.3 percent fall in sales to overseas buyers.

Cypriot buyers deposited 630 contracts of sale at Land Registries throughout Cyprus during July compared to the 652 deposited during July 2009; a fall of 3.4 percent.

But despite this decline in July, domestic demand during the first seven months of this year has increased by 21 percent over the same period last year with 4,100 contracts being deposited this year compared to the 3,396 deposited last year.

The largest increase in demand this year is Paphos (up 27.2 percent), followed by Limassol (up 24.7 percent), Nicosia (up 23.3 percent), Famagusta (up 13.1 percent) and finally Larnaca (up 11.8 percent).

Domestic property sales in Cyprus to July 2010

Source: Department of Lands and Surveys

Although these figures confirm that the number of properties being bought by Cypriots is increasing, some analysts are concerned by the fall off in sales during July in the coastal regions of Paphos, Famagusta and Larnaca where a growth in sales usually occurs during the summer months.

Readers' comments

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  • @Sheik Yr Mami

    The reason for segregating the number of sales into domestic and foreign is to contrast and compare the situation with the two property markets.

    Foreign sales bring much needed overseas revenue into the country while domestic sales do not.

  • Sheik Yr Mami says:

    In typically racist CYP, there are 2 comparisons:
    1 – Sales to Foreign Buyers
    2 – Sales to Domestic Buyers
    A sale is a sale! Why we need to segregate / quantify nationalities is a \National pastime here. Reminds me of old RSA!

  • Costas Apacket says:

    It may be that a lot of these properties are resales to Cypriots from disgruntled foreign property owners who are fed up with being ripped off by the bent property system in Cyprus.

    The circling Cypriot vultures will always look for a bargain at someone else’s expense.

  • Nicholas Ektop says:

    The storm is about to begin.House prices will be crashing from November onwards and if the situation in Greece deteriorates the Cypriot Banks will be crashing too as they are not only exposed but over-exposed in the Greek debt , with hundreds of branches and loans in Greece.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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