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Cyprus property sales 'hit all-time low'

The volume of sales in the Cypriot real estate market has hit an all-time monthly low, with just 316 deals being registered at the country's Land Registry offices in August.

According to Cyprus Property News, this represents a 40 per cent decrease compared to the same month a year earlier.

Domestic buyers accounted for almost three-quarters (73 per cent) of the transactions, although the number of Cypriots purchasing homes was down by 46 per cent year-on-year.

Although overseas investors comprise a smaller proportion of the market, the number of sales to buyers from outside the nation was only 15 per cent lower than in August last year.

In fact, there are some regions of Cyprus where there has been a surge in interest among foreign investors - namely Famagusta and Limassol, the news provider revealed.

Last month, the Royal Institution of Chartered Surveyors published its Cyprus Property Price Index, which showed the value of apartments dropped by two per cent between the first and second quarters of this year, while the cost of buying a house fell by 1.2 per cent.
 
Article by +Danny Bance on behalf of Propertyshowrooms.com