Cyprus property market at February 2011

 

The number of foreign buyers active in the Cyprus property market last year increased compared to 2009, new figures have revealed.

However, the total number of real estate purchases made in the country by overseas investors remains well below the market peak of 2007, A Place in the Sun reports.

In total, 2,030 homes were bought by overseas nationals during 2010, up 15 per cent compared to the previous year. According to previous research, the volume of properties in Cyprus sold to foreigners at the height of the market in 2007 was 11,281.

The greatest improvement in property sales was seen in Nicosia, with a 46 per cent increase. This was followed by Famagusta, where sales increased 16.5 per cent, Paphos, up 16.3 per cent and Limassol which improved by 12 per cent.

As a result of the currency rate, a large number of Brits have avoided the Cypriot property market in recent years which means that sales to foreign buyers over the previous 12 months have tended to be from further afield.