REPORTS of an influx of Chinese buyers helping to rejuvenate Cyprus’ beleaguered property market appear to be somewhat ‘enthusiastic’ as property sales last month hit a new record low.
During August a total of 316 contracts for the purchase of property were deposited at Land Registry offices across the island compared with 527 in August last year; a year-on-year fall of 40 per cent.
Of those 316 contracts, 73% (232) were in favour of Cypriot buyers and 27% (84) were in favour of overseas buyers.
Domestic property sales
Overall 196 fewer properties were sold in August compared with the corresponding month last year; a fall of 46%.
Limassol was hardest hit with 103 fewer properties being sold (-63%). In Nicosia sales fell by 54 (-56%), in Famagusta sales were down by 19 (-43%), in Paphos they fell by 15 (-20%) and in Larnaca they fell by 5 (-10%).
In the first eight months of 2012 sales to the domestic market stood at 3,481 compared with 3,512 in the same period last year; a decrease of 31 (-1%).
Domestic sales are now at their lowest level since records began in 2000.
Overseas property sales
Overall sales in August were down by 15 (-15%) compared with the corresponding month last year and are continuing to decline; some areas of the island fared better than others.
On the positive side, 4 more properties were sold in Famagusta; an increase of 36% – and 5 more properties were sold in Limassol; an increase of 28% compared to last year.
On the negative side, 8 fewer properties were sold in Nicosia (-57%), 12 fewer in Larnaca (41%) and 4 fewer in Paphos (-15%) compared with August last year.
During the first eight months of 2012, sales of property to the overseas market stood at 953 compared with 1,197 sales during the first eight months of last year; a fall of 244 (-20%).
A Place in The Sun Live
A final reminder to get your free ticket to the A Place In The Sun Live overseas property exhibition at NEC Birmingham between 28th – 30th September where advice on buying property in Cyprus and many other destinations will be given.