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Property market in Cyprus needs a boost

Those looking for property abroad could help to give a boost to the Cyprus market by investing in the country's real estate.

October registered another decline in sales, with a total of 454 contracts submitted to Land Registries, Cyprus Property News reported.

This is a drop from standard levels and a fall of 20 per cent year-on-year. In October 2011, 565 contracts were deposited, but this is still lower than the 27 per cent decline experienced in September.

There is hope that this signals that the downward trend is beginning to even out and figures indicate that overseas interest in property in Cyprus is still buoyant, with 22.5 per cent of October registrations coming from foreign buyers, according to the newspaper.

With the market picking up again, Cyprus could be in a positive position going into 2013, but as sales pick up, prices could rise. This means that investors should strike now to pick up property cheaply.
Article by +Danny Bance on behalf of Propertyshowrooms.com