Overseas buyers returning to Cypriot market

Article Date : 23 November 2010     

Overseas property investors continue to be drawn to the Cypriot real estate market, A Place in the Sun has reported.

The number of foreign buyers in the country improved slightly during the first ten months of this year when compared to the same period in 2009, the latest data from the Land Registry has revealed.

In total, the volume of overseas Cyprus property sales increased by eight per cent year-on-year, which suggests that the market is recovering slowly but surely.

The Land Registry figures show that the number of contracts of sale deposited at Land Registries across Cyprus on behalf of overseas nationals during October was 191, while the volume of homes bought overseas purchasers in October increased in all districts.

In particular, the number of individuals looking to find a home in Paphos was up 61 per cent year-on-year and the volume of investors wanting to find a home in Limassol was up 40 per cent.

A total of 1,593 homes in Cyprus were sold to overseas nationals buyers during the first ten months of 2010, the news provider stated.

However, sales to foreigners remain significantly lower than the 6,118 Cyprus properties sold during the same period in 2008.