Cyprus property transactions down

The number of Cypriot property transactions has continued falling, official figures have revealed.

Data from the country's Land Registry showed that the year-on-year decline in sales was 53.2 per cent in May, with the figure for the year to date now standing at 60.7 per cent.

Paphos and Famagusta, which have high numbers of overseas buyers, fell by 66 per cent and 71 per cent respectively.

Such statistics suggest that the country's property market is still feeling the effects of the world economic downturn, while some UK buyers may be held back by the value of the pound against the euro.

Those who are looking to buy property in Cyprus may find that they are presented with a substantially larger choice of real estate in which to invest than might normally be the case.

One reason buyers may wish to invest in the country is that the domestic economy has been described as doing much better than those of other European nations.

Last month finance minister Charilaos Stavrakis noted that the country is the only one in the eurozone with a growing economy, while unemployment and public debt are comparatively low.