A rise in overseas property buyers across Cyprus over July has gone some way towards combating a decline in domestic acquisitions.  

New figures from the country's Department of Lands and Surveys show that 345 contracts for the purchase of property were exchanged over July 2013, down 13 per cent from the total seen last year.

Deals handed to domestic buyers accounted for 71 per cent (251), down 26 per cent compared with July 2012, while domestic buyers made up the remaining 29 per cent (103).

Although this would hint at a decline for one of the country's most vital sources of income, a degree of positivity could still be taken from the standings.

As reported by news.cyprus-property-buyers.com, the number of international buyers snapping up overseas property in Cyprus was up 49 per cent in July from the same period last year.

International buyers saw good value in Nicosia and Limassol, which helped lift sales by 150 per cent and 88 per cent respectively, to an extent making up for declines in sales across Famagusta and Larnaca.

As theguardian.com reports, most of the demand for property is coming from Chinese investors looking to relocate to Cyprus.

So far this year, the Civil Registry and Migration Department recorded 445 applications from people China nationals looking to become permanent residents of Cyprus - a huge increase from the 29 it received during 2012.

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Author

  1. avatar
    Richard Towey