A RECENT mini-poll conducted by the Cyprus Property News showed that 83 percent of the 1,060 readers who expressed an opinion believe that property sales will continue to fall during the year.
According to official figures published last month, overall sales during the first quarter of the year were down by more than 15% compared to the numbers sold during the first quarter of 2010.
The industry will be hoping that the recently amended legislation will encourage more buyers. And undoubtedly some of the new provisions will help to encourage the sale of new property. For example, buyers will now be able to pay the amount that developers owe on a property directly to the lender and their contract will take precedence over any mortgage owed by a third person on the property. This should enable them to avoid the pitfall that many others have fallen into, assuming that their lawyer investigates the mortgage situation and advises them correctly.
Although the number of British buyers has been declining for some time, it seems that the property market would be in a much poorer position if it were not for buyers from Russia who are taking more interest in the Island.
In a recent report Chris Hadjikyriakos, BuySell Cyprus’ sales manager, said that Russian buyers accounted for 60% of the company’s total sales compared with no more than 10% just three years ago. The number of buyers from Norway and Britons who have worked in the Middle East has also increased, but to a lesser extent.
Check out our latest poll on the right: “Who will benefit most from the newly revised property legislation?”