Cyprus: bargains to be had

Property prices in Cyprus are expected to fall for the remainder of 2010, Property Community has suggested…

According to official figures from the Cyprus Statistical Service, the number of transactions taking place in the country has been on a steady decline, with September posting falls of 13.2 per cent year-on-year.

This reduction in sales comes despite falling prices, increased distressed property availability and other sales incentives being offered to buyers.

Indeed, experts claim that domestic economic troubles are putting people off buying and foreign property investors have disappeared from the market.

As a result, the number of building permits being issued to developers has fallen, the news provider reports.

However, Cypriot government officials have revealed their plans to start bringing in foreign developers to help overcome this problem and hopefully reignite the market.

The news may interest individuals looking to purchase property in Cyprus, with current low prices offering buyers the chance to secure a bargain.