However, during the first nine months of 2013, property sales in the overseas market dropped by 28 per cent year-on-year from 1030 to 737, according to the news portal. This indicates conditions are still less than favourable in Cyprus, but the introduction of residency visas and low prices are beginning to pay off. Where sales have increased in Paphos and Limassol, it is the result of activity from Chinese nationals seeking to secure visas by purchasing property costing more than €300,000 (£253,833). Arabs are also flocking to Cyprus to flee the upheavals.
Across the entire market, sales activity is down significantly year-on-year, Cyprus Property News revealed. A total of just 285 contracts of sale were deposited at the Land Registry in September, down from 442 during the sale month in 2012 - a 36 per cent drop from already low levels. Of these, 27 per cent were from domestic buyers, while 27 per cent were from overseas. The drop off in sales is the result of declining domestic demand. While posting increases in overseas buyers, Paphos was actually the area with the greatest fall in activity, with sales down 56 per cent.
Economic difficulties aside, the misselling of property in the past is likely putting off many would-be buyers, particularly from the UK. According to Maxwell Alves Solicitors, around 30,000 people have been sold Cypriot real estate without title deeds over the last ten years, of these around 10,000 are from Britain. Those without the deeds are vulnerable to a prior creditor foreclosing to recover the debts of the developer or vendor. Some have failed to receive the properties they paid for, while others had homes delivered with major deficiencies.
Article by +Peter Mindenhall on behalf of Propertyshowrooms.com