Cyprus Property Sales Halve in First Half of Year

Cyprus property sales in the first six months of this year were over 50% less than sales recorded in the first half of last year, according to figures released from the Land Registry.

However, analysts have also pointed out that the decline slowed slightly in June, and some believe that this may point to the beginnings of a slow recovery.

The recovery is apparently built on young couples and Cypriots buying up seaside properties at the currently attractive prices, which the low interest rates are also making more attractive.

However the rate of decline in activity has been slowing since January, and slowed by less in June than in preceding months.

According to the contracts of sale deposited at the Land Registry, the drop in activity in the property sector in June fell slightly to 45.7% compared to -53.2% in May, -54.9% in April, -56.33% in March, -64.7% in February and -71.6% in January.

That said, if the activity from first time buyers in the country is indeed increasing then it could lead to a recovery, and perhaps even a more healthy property market in the long-run.