ACCORDING to official statistics published by the Department of Lands and Surveys, property sales in 2014 recorded their first year-on-year increase since 2010, growing by 20 percent to reach 4,527 compared with 3,767 in 2013.
Of those 4,527 properties 3,334 were purchased by Cypriots while the remaining 1,193 were purchased by overseas buyers.
In an interview with StockWatch Solomon Kourouklides, the Vice Chairman of the Cyprus Real Estate Agents Association (CREAA) said “since banks are pushing people in terms of their loan obligations, property sales started in order to make arrangements. As for the developers, interest in property sales is now directed mainly to China”.
Speculating on 2015, Mr. Kourouklides believes that the increase in sales will continue at the level of 2014 due to pressures from the banks.
Property sales in Cyprus during 2013 were at their lowest since record began in 2000 and although property sales improved in 2014, they are still down by more than 64% on the numbers sold fourteen years ago and more than 78% down on the peak year of 2007.