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Cyprus Property sales begin to grow

Sales to overseas purchasers up 19 per cent in April 2011
 

Sales of property to foreign buyers in Cyprus rose by 19 per cent in April due to new property laws and improving buyer confidence in the country. Sales to overseas purchasers have risen across the first quarter of 2011 and the country's property market finally looks set to emerge from a challenging period.

 
Evidence from the Cypriot Department of Land and Surveys show that a total of 151 contracts were officially deposited by overseas buyers in April 2011 compared to 127 in April 2010.
 
The data showed that the resort of Famagusta fared particularly well with sales to foreign buyers during the month growing by 175 per cent.
 
Total sales to foreign buyers in Cyprus have increased by over 16 per cent year on year in the first quarter of 2011.
 
Revenues in Larnaca are up 43 per cent whereas Nicosia has seen a 21 per cent rise. Paphos revenues are up by 12 per cent.
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