Sales of property in Cyprus to the overseas market fell 15% in November in a continuing trend that started in June following the introduction of stricter criteria for foreigners seeking Cypriot citizenship.
There was an overall reduction in Cyprus property sales to overseas buyers in October, with sales to EU citizens falling by 9 per cent, while sales to non-EU citizens fell by 25 per cent.
The rise in Cyprus property sales in October was led by overseas buyers who bought 65 per cent more properties than in the same month last year according to official statistics from the Department of Lands & Surveys.
The steady increase of overseas property sales Cyprus continued in August according to the latest official statistics published by the Department of Lands and Surveys with sales in Famagusta leading the way.
The surge in Cyprus property sales in May that we reported last Thursday was helped significantly by a more than three-fold increase in sales to the overseas market according to official figures.
Overseas interest in the Cyprus property market strengthened in March to become the sixth most sought after destination in the Top of the Props index published by TheMoveChannel.com.
Although the number of properties sold in Cyprus in December 2014 improved over the number sold in December 2013, sales to the overseas property market declined for the second consecutive month.
Sales of property in Cyprus to the domestic and overseas market both improved in June according to the latest statistics from the Department of Lands and Surveys with the number of contracts deposited increasing.
Although domestic sales of property in Cyprus improved in April compared to April 2013, overseas sales declined; what can be done to encourage overseas property sales and help the market recover?
Although the number of properties sold in Cyprus during July fell 13 per cent compared to July last year, they were boosted by an increase in sales to overseas investors in Nicosia, Limassol and Paphos.
Following the collapse of the Cyprus overseas property market in 2008, sales at the end of 2012 showed an improvement over the previous year; but the market still has a long way to go and the omens are not good.
For the second month in succession, the number of properties sold to overseas buyers increased in December with properties in Paphos accounting for 50 per cent of sales to non-Cypriots.
With the aim of attracting investment into Cyprus from countries outside the EU, citizens of those countries may now acquire more than one dwelling providing that certain criteria and conditions are met.
Efforts to promote Cyprus into new markets seem to be paying dividends as the number of properties bought by non-Cypriots jumped in November although some have complained of paying grossly inflated prices.
