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Foreign demand for Cyprus homes


8th June 2011 | back to article listings BACK    print this article PRINT

Cyprus has enjoyed continued growth in overseas demand for homes last month.

Foreign buyers were able to negotiate significant discounts on properties because of Cyprus' ailing economy and poor domestic property sales market.

Official figures reveal that a total of 187 property contracts were deposited by foreigners compared with 154 in May last year, a 21% increase year on year.

Property sales improved in most parts of Cyprus last month, led by an 86% annual hike in Nicosia property sales.

Famagusta also fared well with property sales up 71%, followed by Limassol up 49% and Larnaca up 21%.

During the first five months of this year, Cyprus property sales to overseas investors rose by 17% compared to the same period in 2010.

Copyright Press Association 2011


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