Overseas sales of Cypriot property surge 65pc

Limassol, where overseas sales have risen 42 per cent Photo:   CyprusPictures

The Cypriot property market has not had an easy time of late, with prices repeatedly falling as well as confidence. Indeed, figures from the RICS showed that prices fell in the third quarter of 2014 across “almost all cities and asset classes”.

While the value of property may be falling, though, overseas buyers have been increasingly willing to snap up bargains this year. Indeed, international demand has been a silver lining to the country’s economic cloud, with overall sales up for the sixth month in a row in August 2014, according to the Department of Lands and Surveys.

Now, the official figures show that the growth in demand keeps on climbing. In October, overseas sales surged 65 per cent year-on-year to reach 117. Sales rose sharply in all districts apart from one – Nicosia, where transactions plunged 94 per cent – with Larnaca leading the way (200 per cent), followed by Paphos (127 per cent), Famagusta (100 per cent) and Limassol (42 per cent).

During the first 10 months of 2014 so far, international transactions have passed the 1,000 mark, 24 per cnet higher than the same period last year, with Famagusta leading the increase (up 123 per cent). On this measure, Nicosia has also seen improvement in sales volumes, with transactions up 10 per cent, ahead of Paphos (2 per cent).

Most important of all, though, domestic sales have also shown a sign of improvement, with deals rising 24 per cent during the first 10 months of the year compared to the same period in 2013. Limassol led the increase, with sales up in all districts.

Overall, therefore, property transactions (both domestic and international) have surged 24 per cent across the island between January and October 2014. In October alone, sales increased 21 per cent.