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Cyprus property sales increase continues
02/06/2010
Sales of Cyprus property are continuing to increase, though the pace of growth is slowing according to the latest data from the department of land and surveys.
The data shows that property sales were up 11% year on year in April, and up 25% year on year comparing the first quarters. However, this rise, while strong is significantly less than the 37% year on year increase seen in March.
The figures also show an increase in sales to foreign buyers, but this is barely noticeable against the fact that sales are still down 60% compared to the peak in 2008.
The Cypriot property market has been crippled by the exodus of foreign buyers, which was not only fuelled by the international downturn but also by the title deeds scandal exploding across the mainstream news.
That all being said: we are currently seeing a return of low budget buyers, and portals including Rightmove and Primelocation have reported significant increases in searches for Cyprus property, along with other low budget destinations like Bulgaria.
The buyers of today are doing far more due diligence than they did in 2008 and there is a lot of legislation being passed over the title deeds issue in the past few months. In depth research at the Land Registry and with the developers in question should allow buyers to minimise the risk of buying property in Cyprus. Thus it would become a favourable purchase for low budget sun-seekers once again.
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