ACCORDING to the latest figures published by the Department of Lands and Surveys, domestic sales of property in Cyprus during the first seven months of this year increased by 21% over the same period in 2009; in contrast with the 0.3 percent fall in sales to overseas buyers.
Cypriot buyers deposited 630 contracts of sale at Land Registries throughout Cyprus during July compared to the 652 deposited during July 2009; a fall of 3.4 percent.
But despite this decline in July, domestic demand during the first seven months of this year has increased by 21 percent over the same period last year with 4,100 contracts being deposited this year compared to the 3,396 deposited last year.
The largest increase in demand this year is Paphos (up 27.2 percent), followed by Limassol (up 24.7 percent), Nicosia (up 23.3 percent), Famagusta (up 13.1 percent) and finally Larnaca (up 11.8 percent).
Although these figures confirm that the number of properties being bought by Cypriots is increasing, some analysts are concerned by the fall off in sales during July in the coastal regions of Paphos, Famagusta and Larnaca where a growth in sales usually occurs during the summer months.