Cyprus sales up but overseas falters

Property sales in Cyprus increased year-on-year for the sixth month in a row in April – but overseas agents continued to struggle.

A total of 675 of homes were sold last month, up 12% compared to the same period in 2009 but down 15% on the previous month, according to figures from the Department of Lands and Surveys.

However, only 127 properties went to foreigners – a tiny 4% increase on the 122 recorded in April 2009 and down 25% compared to March this year.

The annual increases were much lower than those recorded in March, suggesting the recovery of the market may be slowing. Monthly sales figures are still less than half of those recorded in 2008.

Slow improvements
“Things are improving but at a very slow pace,” said Antonis Loizou, agent and chartered surveyor.

“The recent UK international exhibition showed that the British demand is still active, but it is directed with regard to Cyprus for relatively low income purchases around €150,000.”

On top of slow economic growth, Cyprus is dealing with negative publicity created by the number of property owners on the island struggling to obtain title deeds.

Although the country’s parliament is currently reviewing new laws designed to speed up the process of issuing deeds, there are doubts among buyers over how effective they will be.

Last week, around 100 foreign owners from the Leptos Property Action Group staged a protest in Paphos demanding their title deeds.

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