The weak recovery in Cyprus’ overseas property market continued during September with sales during the first nine months of the year up by nearly 3 percent on the numbers sold during the first nine months of 2009.
The recovery in the Cyprus overseas property market is still very weak and estate agents are looking for new markets as a result of the drop in demand.
The recovery in Cyprus’ beleaguered overseas property market may be faltering according to the latest figures released by the Department of Lands and Surveys.
According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 2,125 residential properties were authorised in June 2009; up 28% on the 1,659 authorised in June last year.
Property developers are optimistic that the real estate sector will recover from the economic crisis in 2010, provided the necessary measures are taken by the government.
More than 60 percent of those who voted in a recent mini-poll conducted by the Cyprus Property Magazine believe that the property market will not recover until 2012 or later
