Property sales fall in Cyprus

Following a lift in sales for property in Cyprus during May several industry commentators suggested that a revival had begun but last months results contradict that theory. Figures supplied by the Land Registry commission show a total of around 540 contracts for the purchase of properties were lodged during June which is a fall of 8 per cent on the same month a year ago. That figure includes residential real estate, commercial premises and land packages, a fifth of these deals were accredited to foreign buyers and the remainder due to domestic sales. Total property sales for the first six months of 2012 are 4 per cent higher than a year ago and several experts suggest this was due to a rush to qualify for the Government led incentive offering a reduction in Property Transfer Fees. The Eurozone crisis is badly affecting overseas property investors looking to buy a property in Cyprus by the end of June overseas sales had fallen by almost 20 per cent when compared to the same period during 2011.