Cyprus property sales: December 2009 report

ACCORDING to the latest figures from the Cyprus Land Registry, there was a modest increase in the number of properties sold during November this year compared to November 2008.

Overall, 792 contracts of sale were deposited at Land Registries throughout Cyprus in November, compared to 723 last month and 782 in November 2008. And although 1% more properties were sold last month than a year ago, demand is still very low compared to previous years. In November 2007 for example 1,979 properties were sold and in November 2006 1,587.

Number of Property Sales – 2008/2009 Comparison
Location	Nicosia		Famagusta		Larnaca		Limassol		Paphos		Total
Month	2008	2009	2008	2009	2008	2009	2008	2009	2008	2009	2008	2009
January	367	101	187	37	345	77	301	152	415	91	1615	458
February	349	161	269	52	312	112	345	132	306	101	1581	558
March	365	162	142	49	229	97	317	160	273	112	1326	580
April	296	162	143	71	296	122	310	126	291	122	1336	603
May	325	184	216	68	282	134	268	146	275	107	1366	639
June	298	188	166	82	289	152	297	189	336	142	1386	753
July	330	254	225	114	266	141	369	214	352	179	1542	902
August	155	173	128	64	165	135	236	148	252	122	936	642
September	238	235	196	83	241	113	233	174	249	152	1157	757
October	228	195	128	88	211	114	235	182	214	144	1016	723
November	178	221	82	92	128	134	197	191	197	154	782	792
Total Sales	3129	2036	1882	800	2764	1331	3108	1814	3160	1426	14043	7407
% Change		-35%		-57%		-52%		-42%		-55%		-47%

Israelis embrace occupied Cyprus as British buyers slump

The president of the northern Cyprus Real Estate Agencies Union, Hasan Sungur, has claimed that Israelis are flocking to buy land and properties in the occupied areas, following close behind mainland Turks.

The announcement comes after a tough year for real estate in northern Cyprus, which has seen sales to Britons almost grind to a halt, mostly due to the high profile Orams case.

Sungur said that Israeli investors have recently increased the real estate purchases in occupied Nicosia and Kerynia, with the occupied Agios Amvrosios district attracting many investors.

In addition, Israeli companies are actively investing in a number of infrastructure projects in the north.

It is known that in Kyrenia there are currently five construction companies which have Israeli owners or partners. Sungur also said there are several thousand buildings constructed by Israeli companies in districts on the Karpaz Peninsula.

The end of Cyprus’ remarkable real estate boom

CYPRUS’ remarkable three-year housing boom ended in 2008. The market’s peak was in November 2008; after that, prices began to fall.

According to MAP S.Platis, who prepare the BuySell Home Price Index, average home prices fell by 2.17% (-3.22% in real terms) year-on-year, to € 187,053 in March 2009.

The crunch was mainly caused by lower demand from British buyers, who comprise around 70% of all foreign buyers in Cyprus. The UK recession and the weakening of the pound against the euro has prompted British buyers to look for non-Euro destinations, according to Global Finance, a business and finance magazine. Property demand from non-Cypriots buyers fell by 50% in the last period of 2008.

Cyprus Real Estate: The Jewel Of The Mediterranean

Cyprus is a popular vacation destination, especially for Europeans who come from the dreary corners of the continent. The island boasts over 300 days of sunshine, a Mediterranean lifestyle, and a friendly population that speaks adequate levels of English to facilitate communication with visitors. Tourists can hang out at the beach, climb Mount Olympus, hideaway in quaint mountain villages, check out byzantine churches, and visit monasteries.