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26th June 2022
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HomeProperty NewsSlump in property sales to overseas buyers deepens

Slump in property sales to overseas buyers deepens

NOVEMBER was the second worst month of the year for overseas property sales with just 103 contracts of sale deposited in favour of overseas buyers at Land Registries throughout Cyprus.

Figures published on Wednesday by the Department of Lands and Surveys reveal the extent of the problem. The number of contracts for the sale of property to foreign buyers during November fell 43% to 103 compared with the 179 contracts in November 2010.

Sales fell in all areas. In Nicosia, just six properties were sold to overseas buyers; a fall of 80% on the thirty sold in November last year. Sales in Larnaca were down 50%, followed by Paphos (-40%), Limassol (-36%) and Famagusta (-4%).

Total Sales of Cyprus Property to Overseas Buyers - November 2011
Source: Department of Lands and Surveys

So far this year sales of property to overseas buyers has fallen 13% compared to last – and they have now fallen below the numbers sold in 2009, the year the market collapsed.

It seems that legislation introduced earlier this year in attempts to alleviate problems associated with buying deed-less properties and strengthen the protection afforded to buyers has done little to inspire investor confidence. Also, the delay in agreeing and implementing legislation to temporarily abolish/reduce Property Transfer Fees may have delayed some purchase decisions.

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4 COMMENTS

  1. @Richard – Thanks for your comments.

    It would be very good to be able to publish the value of the transactions, but unfortunately, the Department of Land and Surveys does not make them available.

    All we get is the total number of contracts of sale deposited. These include contracts for:

    Residential property – apartments, houses, villas, town houses, etc.

    Commercial property – offices, shops, warehouses, etc.

    Land – agricultural and building land/plots.

    As for sales of property in other countries, there are many other on-line resources where this information may be found – and there are also organisations that look at property markets around the world that have staff located in various countries. This would be an expense beyond my meagre resources.

  2. Partly useful if depressing data.

    Of course – the fact you cannot see the actual value of the transactions makes the much data less useful. If the transaction numbers are falling but in geographical pockets / type of accommodation – the transaction value is increasing then that’s not so bad.

    Whilst I value seeing this data from a transparency perspective, I do also wonder if it’s bleak nature coupled with the use of words like ‘Titanic’ in some of the headlines aren’t actually making a bad situation worse.

    CPN could possibly do us a better service by lifting it’s head out of what’s happening in isolation on the (Greek part of) the island – and (if feasible) compare it with Spain, Caribbean, Brazil, Portugal and Ireland as a property purchase destination.

    Maybe the key learnings / best known methods that arise out of those regions may be helpful as they emerge.

    You have to hope that something, somewhere will penetrate the skulls of those running the country (as I doubt if Cyprus will be doing much ‘trail-blazing’ to find solutions to the crises it (and with it – us) face.

    None of us are as smart as all of us – and all that.

    Just a thought..

  3. The phrase ” Don’t bite the hand that feeds you” comes to mind here! We have had a programme on the BBC telling us and future investors of a 500 million pound property scam, we have MEPs bringing the issue of Cyprus up in the Commons, we have numerous action groups bringing cases against rogue Cypriot builders, banks, and lawyers, and Internet blogs and websites warning us against buying in Cyprus, yet the powers to be, continue to bury there heads in the sand. Why? Greed.

    They have used the Brits as easy money, and they don’t care how much hurt or sleepless nights it causes, and are now shocked because we are fighting back. Sales will continue to fall as the word of the terrible things that can happen to you on this island keep coming out, leaving people in disbelief.

    Investors and holiday makers in there hundreds have vowed never to set foot or spend another penny on this island ever again, bars and restaurants will suffer, furniture shops will close etc and all because of the greed and corruption on this island. They are slowly banging nails into there own coffin, yet it seems the powers to be are too stupid to try and stop it! Good riddance Cyprus and good-bye forever.

  4. Having read Dr Alan Waring’s article, I shall be forwarding this onto my MP as well as my MEPs together with my own comments. I will not hold my breath, those in power will continue to bury their heads in the sand till it goes away.

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