A quarter of all property sales in Cyprus are currently to foreigners – not because there’s been a surge in interest from overseas buyers but due to the collapse of the domestic property market.

 

Official figures released this month showed a fall of 22% for overseas property sales in August; a total of just 99 for the whole month. However, whilst Limassol and Paphos experienced a fall in sales that month to foreigners, Larnaca and Nicosia recorded rises of 52.6% and 16.7% respectively.

Some good news can be taken from the Land Registries’ figures. While overall sales in Cyprus continue to fall, August’s fall of 4.9% is the smallest for almost a year giving hope that the devastating decline may soon be coming to an end. Last month 527 contracts were deposited compared with the 554 deposited in August 2010.

Antonis Loizou, head of estate agency Antonis Loizou & Associates, believes the downturn is due to economic conditions and the downgrading of banks by ratings agencies, which can then affect foreign investment. He said, “If uncertainty continues, property prices might be reduced further.”

This is welcome news for anybody looking to invest in property in Cyprus, as reduced prices could ensure your chance to grab a bargain! Visit our Cyprus homepage now to view property for sale there.

To understand the full step-by-step process to buying a property Cyprus, collect The Overseas Guides Company’s ‘Cyprus Property Buying Guide’