Overseas buyers/investors make 31% of Total buyers/Investors in Cyprus Sun, 14 Aug 2016

Overseas buyers/investors make 31% of Total buyers/Investors in Cyprus

During July a total of 625 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island; an increase of 26% over the 496 sold in July last year. Of those 625 contracts, 69% (434) were deposited by domestic (Cypriot) purchasers, while 31% (191) were deposited by overseas (non-Cypriot) purchasers. However the demand for properties being auctioned is extremely weak. Of the 43 pieces of real estate that were offered at auction in July, only 6 were purchased. The 26% increase in July follows a 42% increase in July and a 17% increase in May and a 35% increase in April. The number of contracts includes ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. As these ‘non-sale’ agreements are not recorded separately, there is no clear picture of the actual demand for property. With the exception of Famagusta, where sales during July fell 40% compared to the same period last year, they rose in all other districts. Sales in Nicosia rose 70% compared with July 2015, while sales in Limassol, Larnaca and Paphos rose by 41%, 29% and 9% respectively.


Read more at: http://www.news.cyprus-property-buyers.com/2016/08/08/july-property-sales-up-26-per-cent/id=00151528
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