ACCORDING to figures released by the Department of Lands and Surveys, just 167 contracts of sale in favour of overseas buyers were deposited at Land Registries throughout Cyprus during July compared to the 250 deposited during July 2009; a fall of more than 33 percent.
These latest figures seem to indicate that the much hoped for recovery in Cyprus’ beleaguered overseas property market could be faltering.
The areas hardest hit by the slowdown during July were Larnaca, where sales were down 61% compared to last year, followed by Paphos – down 49%, Limassol – down 36% and Nicosia – down 19%. But in contrast, property sales in the lower priced area of Famagusta went up by 40% compared to last year.
Overseas property sales so far this year stand at 1,095 compared to the 1,097 sold in 2009 and it now appears possible that total sales for the year may be even lower than last year’s exceptionally low total of just 1,761.
A key factor in restoring the confidence of overseas property investors is the long-awaited changes to the Title Deed laws that will hopefully provide increased consumer protection. The Cyprus government failed in its attempt to introduce these changes before the end of the last parliamentary session and plans to clarify and examine them further before seeking Parliamentary approval in October.