Property professionals in Cyprus have reacted with cautious optimism after new figures reveal the island's property slump could be on the verge of reversing, reports.

Whilst the number of new contracts deposited at the Cypriot Land Registry still posted a decline during the most part of 2013, it was a decidedly less sharp drop than in recent years.

Figures published by the Department of Lands and Surveys showed that in November 2012, some 444 contracts were deposited. In November 2013, meanwhile, this had fallen to 394. Whilst this is still a decline (of 11 per cent), it is a much slower one than the island has experienced since the financial crash. As such, property professionals have suggested this could be a sign of changing fortunes to come for Cypriot property.

It could also prove to be a good time to invest for foreign buyers, in order to make the most of still low prices before the market really begins to find its feet once more. This, too, was noted in the figures, as 24 per cent of the new contracts (96 in total) were from overseas investors.

The news comes at a time when Brits who have already bought homes in Cyprus are being advised they may be entitled to claim for mis-selling. This is because many Cypriot banks, between 2003 and 2010, advised buyers to take out a mortgage in Swiss francs in order to take advantage of much lower interest rates.

With the financial crash seeing the franc value soar, however, many have been left out of pocket. As such, claims, many may be entitled to claim for mis-selling.

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  1. avatar
    David Howells