The recovery in the Cyprus property market is being driven by foreign purchasers and is expected to gradually push up prices according to the Chairman of the Cyprus Real Estate Agents Association.
Property sales in Cyprus increased in June 2016 compared to the same period last year, according to official statistics published by the Department of Lands and Surveys, with sales up 42 per cent.
Property sales in Cyprus increased in April 2016 compared to the same period last year, according to official statistics published by the Department of Lands and Surveys, with sales up by 35 per cent.
The troika of international lenders has raised the stakes on the recovery of non-performing by increasing pressure on delinquent borrowers who refuse to service their loans despite having the ability to do so.
Non-performing loans might represent the single impediment to the recovery of not just the Cyprus banking sector but the island's economy according to the CEO of the Bank of Cyprus.
The chairman of the Cyprus Land and Building Developers Association (LBDA) has reported that the Troika believes that there will be a recovery in the island's property market in 2014.
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.
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.
The latest figures from the Cyprus Statistical Service offer no encouraging signs of an upturn in the Island's property and construction sectors as the number of building permits issued continues to fall.
The European residential real estate market is recovering slowly but in Cyprus the current fiscal and political climate is too unstable to encourage investment in the property sector.
The slow recovery of Cyprus’ overseas property market continued last month with sales during the first ten months of the year up by 8 percent on the numbers sold during the first ten months of 2009.
