Cyprus property sales jump 24%

Property sales in Cyprus rose 24% in January, compared to the same period in 2009 according to new figures from the Department of Lands and Surveys.

570 real estate transactions were completed on the island in January compared to 458 the previous year. However, as the table below illustrates, transaction volumes are still 66% below their peak in 2008.

No quick return to the good old days

Sales are being driven by developer discounts and by distressed sales by both local and overseas property owners who cannot afford their loan repayments. Solomon Kourouklides, President of the Cyprus Real Estate Agents’ Association is downbeat about the prospects for 2010:

“The latest increase is attributable to the opportunities in the market. Many Cypriot individuals and investors have bought properties from non-Cypriots or Cypriots who cannot pay off their loans. But these opportunities will run out”.

“If the economic parameters remain the same, we believe that the market will remain at the save level as in 2009, while there is a possibility of a slight deterioration” he told Cypriot News site Stockwatch.